Crown prince: Kingdom ready to supply oil markets as needed

RIYADH, Saudi Arabia - Saudi Arabia is ready to supply oil markets when needed, the kingdom's crown prince said Friday at the opening of an energy summit in which oil producers and consumers will discuss ways of ensuring market stability.

OPEC oil ministers, representatives from nearly 50 countries and officials from the European Union, the World Bank and other international institutions are attending the seventh International Energy Forum, which lasts until Sunday.

Saudi officials have said the aim of the three-day forum is to establish communication channels and prevent any disagreements between exporting and consuming countries.

In his opening speech, Saudi Crown Prince Abdullah said his country acknowledges the responsibility it holds as the world's largest oil producer and wants to do all it can to establish stability for both producers and consumers. The kingdom is the only OPEC producer with excess capacity of about 1.5 million barrels a day.

Earlier this week, OPEC declined to rise oil production levels, though it has initiated hikes four other times this year.

Abdullah reiterated Saudi Arabia's readiness to ''ensure the continuity of oil supplies required for world economic growth and to increase its production levels if needed by the market.''

But the crown prince added that producers alone are not responsible for what happens to prices in the market and that consumers should also play their part.

''We are concerned as more calls are made to discriminate against oil, or when doubt is cast on the continuity of its supply,'' said the prince. ''It is worrying to us when we are blamed for the rise of oil prices to the final consumers.''

Oil prices that have soared to over $30 a barrel have sparked protests in consumer countries, most notably in Europe.

In trading Friday, spot month crude prices on the New York Mercantile Exchange rose 33 cents to $35.45. In London, Brent crude rose 31 cents to $33.08.