Saudi Arabia's energy minister said on July 10 the oil market was becoming more balanced and prices were stabilizing.

Khalid al-Falih said Saudi Arabia, the world's biggest oil exporter, would always strive to stabilize the oil market, a statement by the energy ministry said.

"In doing so, the Kingdom secures the flow of oil supplies as it retains a spare production capacity," the minister, attending a climate meeting in Berlin, was quoted as saying in the statement.

His remarks echo earlier comments made on July 4 by the Saudi minister in the Saudi city of Dhahran at a meeting with newly appointed OPEC secretary general, Mohammed Barkindo.