Saudi oil minister Ali bin Ibrahim al-Naimi pledged on the side-lines of an oil conference held Tuesday (October 9th) in Riyadh to satisfy global energy markets, AFP reported.

"We will provide markets with what they need," he told journalists before the 31st meeting of Gulf Co-operation Council (GCC) oil ministers. "We will work to moderate prices."

Al-Naimi said oil prices remain high and that he wishes to see them at a lower level.

"In co-operation with GCC and OPEC countries, we will continue to work to preserve the stability of global oil markets," he said.