King Abdullah has blamed soaring oil prices on speculators, high fuel taxes in consuming countries and increased consumption in developing countries.

Abdullah said the kingdom is ready to meet any “additional needs in the future.” But he did not specifically say Saudi Arabia would increase oil production beyond the 9.7 million barrels a day production it has already announced.

The king suggested the creation of an energy initiative to help poor countries confront the high cost of fuel.

The U.S. and other Western nations have put increasing pressure on Saudi Arabia to increase production, saying insufficient oil production has not kept pace with growing demand.