Saudi- Iranian oil talks

Saudi Minister of Oil and Mineral Resources Ali al-Nueimi met on Wednesday in Riyadh with Iranian Minister of Oil Benjian Zankneh and discussed with him conditions on the world oil market.

Stress was laid on the importance of stability in the world oil market in the service of the oil-producing and consuming countries.

In a statement released following the meeting, the Saudi and Iranian ministers stressed their countries' commitment to the stability of the oil market and "adequate and timely oil supplies to balance the market in order to reach sustainable price levels conducive to world economic growth and market stability."

The two ministers agreed to continue consultations between them and the oil-producing countries before the next ministerial conference of OPEC.

Later in the day the Iranian minister left Riyadh for Iran following a short visit.