"The Kingdom is ready to play its positive role for the stability of the market," Al-Naimi said after meeting Paolo Romani, Italy's industry minister, in Riyadh, SPA reported.
The market is "currently characterized by a balance between supply and demand", Al-Naimi said, according to SPA.
Saudi Arabia and its Gulf OPEC allies raised their oil production in June after failing to convince other members to agree an increase in production to make up for the shutdown of Libyan oil fields since February.
Oil prices slumped on Friday on renewed global economic worries, pushing back Brent more than 10 percent this month for its biggest quarterly decline in
five quarters.
US crude futures fared even worse, posting their weakest quarterly performance since the financial crisis of 2008 as a wobbly economy sparked more demand worries.
In London, ICE crude for November delivery settled at $102.76 a barrel, dropping $1.19, or 1.14 percent, after touching a session low of $101.78.
For the quarter, Brent crude fell $9.72, or 8.64 percent, the biggest percentage loss since the second quarter of 2010. For the month, front-month Brent dropped $12.09, or 10.53 percent, the biggest monthly decline since May 2010.
US November crude settled at $79.20 a barrel, falling $2.94, after dropping to an intraday low of $78.77. For the quarter, US crude fell $16.22, or 17 percent, the biggest percentage loss since the fourth quarter of 2008. For the month, it dropped $9.61, or 10.82 percent, the biggest monthly decline since May 2010.
Brent's premium against US crude rose back to $23.56, after dropping to $21.81 on Thursday.
