Crude oil markets are well supplied and inventories remain adequate, Saudi Arabia's oil minister Ali al-Naimi said Thursday, reiterating that the world's top oil exporter can and will meet any additional demand.

"In the first quarter of 2012, prices were edging rather too high in our opinion. Saudi Arabia ...worked hard to allay concerns over supply and help bring the price down to reasonable levels," Mr. Naimi said in an emailed speech.

"Those concerns have not entirely disappeared, so I would like to repeat the point, here today. There is no shortage of oil, inventories remain adequate and any additional demand can--and will--be met," Mr. Naimi said.

The Arab world's largest economy and the Organization of Petroleum Exporting Countries have helped support the global economy by ensuring the international oil market remains well supplied and the oil price does not get out of control, he said

"I hope that the sum total of these efforts will result in further stability," he added.

Saudi Arabia is on track to surpass its record oil output this year, offsetting a decline from Iran because of international sanctions against Tehran 's nuclear program.

Mr. Naimi said last month the kingdom was concerned about the high level of oil prices, given that they aren't being caused by any shortage of supply. He has previously said he considered $100 a barrel to be the ideal price for Brent crude oil to balance the needs of consumers and producers.

The price of Brent--the most widely used benchmark globally--was above $109 a barrel Thursday. In mid-September it was near $117 a barrel, up 15% from early July.

Other Gulf countries have also increased their output in recent months following calls by the U.S. and other governments to make up for displaced Iranian barrels.

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