Saudi Arabia reiterated Tuesday it is very well-equipped to fill any gap between global supply and demand thanks both to its ample spare crude-oil output capacity and oil stocks, but suggested that the Organization of Petroleum Exporting Countries could potentially discuss a change to the group members' output when ministers meet next month.

"We [Saudi Arabia] have 2.5 million barrels a day of spare capacity, and 80 million barrels of stocks," Saudi Oil Minister Ali Naimi told reporters, adding that his country is now producing around 10 million barrels of crude oil a day.

"We always satisfy our customer's requests. Whenever there is a request, we'll satisfy it," Naimi said.

"Oil prices are still too high," the Saudi minister added, but he declined to say what level he would be comfortable with.

Asked if OPEC might raise its output ceiling next month, he replied: "You have to wait for the meeting there. We have to discuss that."

Iran has criticized Saudi Arabia , claiming that it has ramped up output to take some of Iran 's share of the market, which in turn has raised the prospect of a difficult OPEC meeting. But Naimi told reporters in Tokyo that "there is no tension" among OPEC members.

Naimi's comments come ahead of a July 1 ban by the E.U. of imports of Iranian crude oil, reduced imports of its crude from some other countries and a near halt to oil exports by Sudan --factors that have spurred increased demand for alternative crudes, and which in turn have underpinned prices.

The U.S. has demanded that Iran 's customers reduce purchases of Iranian oil and not engage in petroleum-related transactions with Iran 's central bank as a way of exerting pressure on Tehran to give up its nuclear program. If they don't, they risk sanctions which may effectively exclude them from the U.S. banking system.

On Tuesday, Naimi met Yukio Edano , Japan 's Minister of Economy, Trade and Industry, to discuss oil supplies to Japan , as well as Japan 's role in Saudi Arabia 's renewable energy and manufacturing sectors.

During the closed-door meeting, Naimi told Edano that Saudi Arabia has sufficient spare capacity to deal with any "contingency," according to a senior METI official who was present. Neither minister mentioned Iran during the meeting, the official said.

In March, the U.S. decided to exempt Tokyo from sanctions, recognizing Japanese moves to cut its dependency on Iranian oil.

Between January and March 2012, Japan trimmed imports from Iran by more than 20%, to around 350,000 barrels a day, as political pressure from the U.S. to reduce imports mounted.

U.S. Secretary of State Hillary Clinton on Monday praised New Delhi for beginning to reduce oil purchases from Iran , but stopped short of saying whether this was by enough to avoid penalties.

It is unclear just what action the U.S. might take against India , or another major customer, China , if it deems their responses are insufficient.

Also on Monday, South Korean Minister of Strategy and Finance Bahk Jae-wan, speaking in Abu Dhabi, said Saudi Arabia and the United Arab Emirates have pledged to make up for any shortfall in Iranian oil exports to his country.

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