(MENAFN) Saudi Arabia announced it is planning to continue with its balanced oil policy to support the market's stability, Gulf News reported.

Saudi said that its decision come as the result of the country's interest in supporting the market as well as due to its taking into account the interests of producers and consumers of energy around the world.

Saudi, which has a production capacity of 12.5 million barrels per day, said that it has heavily invested to keep the additional production capacity, as well as to enhance the stability of the global energy markets with the objective of supporting the global economic growth and its stability.

Saudi's comments come before an OPEC meeting later this month, where the top producers of oil will consider cutting oil output after the prices declined more than 30 percent to USD80 a barrel, which is a four-year low for oil prices.