Al-Naimi's promises come on the back of US protests that world oil prices are above the US$22 to US$28 per barrel levels set by OPEC and OPEC's decision last month to cut production levels again.

"Number one in our mind is making sure there are no shortages … that the oil market is stable and well-supplied because we recognise its impact on economic growth. It is extremely important that the market remains stable. The world's economic growth depends on a very reliable supply of energy," said Ali.

Although the minister would not speculate on whether or not OPEC would informally sanction pumping above the official limits - as a mechanism to control the high prices - he did promise that there will not be a shortage of oil.

"We are looking at the behaviour of the market and one thing I can tell you is there will be no shortages in the market," said Ali.