Saudi King Abdullah bin Abdul- Aziz called on Saturday for moderation in oil price, terming high oil price as "unjustified."

The king was quoted by Saudi-owned Asharq al-Awsat newspaper as saying that Saudi Arabia wanted moderate oil price, despite benefits it would reap from higher prices.

"The kingdom's oil policy is based on moderate prices and despite the benefits higher oil prices bring to us, we call for moderation in oil prices," the king said.

"Oil production is plentiful, so I am puzzled by the fluctuations in the market and the unjustified high oil prices," he added.

Oil price rose on Friday as a tropical weather system brewing in the Caribbean threatened to sweep through the Gulf of Mexico next week. Anxieties over Iran's nuclear issue also fueled the rise.

New York's main contract, light sweet crude for delivery in October, closed up 15 cents at 72.51 dollars per barrel.

Saudi Arabia produces around 9.5 million barrels of oil per day and is the world's top oil exporter.

Source: Xinhua