"Yes, we do support it... and we think that the issue is related to consumers and producers as well," Oil Minister Mohammad al-Olaim told reporters.

"We have to involve both parties because we are in the same boat," the minister said. "But, we don't think that for the time being that the fundamentals are affecting the issue."

Saudi Arabia, OPEC kingpin and the world's biggest producer, called on Monday for talks with consumer nations to discuss ways to deal with skyrocketing oil prices.

It has come under huge US pressure to boost output to help end the volatility in world markets, where oil prices were trading above 135 dollars a a barrel on Tuesday.

Kuwait, the fourh largest OPEC producer, pumps around 2.5 million barrels per day.