RIYADH, Saudi Arabia, June 16 (UPI) -- U.N. Secretary-General Ban Ki-moon said Monday he welcomes Saudi Arabia's offer to host a summit of major oil producers to address soaring fuel prices.
Saudi Arabia also has indicated it would increase its oil production by 200,000 barrels a day starting next month to help meet demand.
Saudi King Abdullah bin Abdul Aziz Al Saud "acknowledged that the current oil price is abnormally high, due to speculative factors, and he is willing to do what he can to manage the price of oil to the adequate level," Ban said in a news release issued from New York.
Ban met during the weekend with Abdullah and other officials.
"I am grateful that the King intends to convene a high-level meeting of major oil producers and consumers on this issue next week in the Kingdom," Ban added. "We also expect that His Majesty the King and his government will take the necessary measures to stabilize the price of oil."