Visiting Saudi Minister of Petroleum and Mineral Resources Ali Bin Ibrahim al-N'aimi on November 7 underlined the cooperation between Riyadh and Tehran for stabilization of the world oil market.

Speaking at a two-day gathering on Persian Gulf gas resources which opened on Sunday, al-N'aimi said the cooperation between the two sides has served to restoring stability to the international energy market, which benefits of both energy producers and consumers.

He said the mutual cooperation and friendship between the two countries have proved to be highly fruitful for peace its economic growth and prosperity in the region, the Islamic Republic News Agency reported.

"I believe this mutual respect and friendship will continue through consistent consultation, exchange of ideas, strict adherence to key decisions, when they are taken, and ensuring that any future initiatives or actions will be made collectively," he said.

The cooperation between Saudi Arabia and Iran helped the Organization of Petroleum Exporting Countries (OPEC) reach agreements to reduce crude outputs and brought about a halt to the sharp fall of oil prices in 1997.

On the status of the Saudi gas industry, al-Naimi said the country's current natural gas reserves reach 214 trillion cubic feet and the country's efforts are centered on non-associated gas, or gas produced entirely independent of oil.

"Our goal is to virtually more than double the existing capacity of the master gas system, through a year-by-year development program that will expand the entire gas network through the installation of new processing facilities, transportation and distribution systems to meet the economy's growing demand," he said.