Saudi Arabia, the world's top oil exporter, said there was a need to achieve balance and stability on the oil markets to guarantee continuous investment in the sector, the state news agency SPA reported.

Saudi Arabia "emphasised the need to achieve balance in the oil market" and is keen on "the stability of the oil market, avoiding sharp fluctuations and boosting dialogue with consumers", the cabinet said in a statement after a weekly meeting chaired by King Abdullah.

It said balanced markets were in the interests of both consumers and producers.-Reuters