Britain's Prime Minister Gordon Brown speaks during the Jeddah Energy Meeting June 22, 2008. The world's largest oil exporter Saudi Arabia proposed on Sunday creating a 1- billion -U.S. dollar OPEC fund and offered 500 million dollars in Saudi soft loans to help poor countries cope with high oil prices.(Xinhua/Reuters Photo)

British Prime Minister Gordon Brown said on Sunday in the Jeddah oil meeting that he wants to see "stability and win-win for both producers and consumers, and to open all oil market and remove restrictions."

The meeting which gathers leaders of global oil powers and consumer nations opened on Sunday afternoon in a bid to seek ways to control oil price hikes.

In his speech, Brown called for more investment for oil industry, and said all countries should address the energy need and environmental protection together.

He said he supports Nigeria, Iraq and other countries seeking to overcome security constrains to increase oil production.

 He also said Britain will hold the following-up oil meeting in London after the G8 meetings later this year.

Earlier, Saudi King Abdullah said his country has increased output to 9.7 million barrels a day and it is willing to increase oil output if necessary.

Saudi King Abdullah (C) poses with oil ministers during a group photo session during the Jeddah Energy Meeting June 22, 2008.(Xinhua/Reuters Photo)

The king said indirect reasons stand behind the energy crisis in the world including speculation and the increasing taxes in a number of countries.

He called for launching an initiative for helping the developing countries in facing the crisis and the World Bank should hold an international conference to discuss this initiative.

He called the OPEC ministerial council to hold a meeting to outline a program to counter the crisis, which he proposed to establish a 1-billion U.S. dollars fund to carry out.

 King Abdullah said his country will allocate 500 million dollars to finance developmental projects to help the developing countries in the energy field.

He said cooperation should be cornerstone of efforts, calling the meeting to set up a working group after the meeting is concluded to track the development of global energy market.

Major oil producers and consumers as well as leaders from big oil firms and international organizations attended the one-day conference aimed at seeking solutions to the soaring oil prices.

Chinese Vice President Xi Jinping, who is on an official visit to Saudi Arabia, was also among the participants together with U.S. Energy Secretary Samuel W. Bodman, British Prime Minister Gordon Brown and Secretary General of OPEC Abdullah al-Badri.

Saudi King Abdullah (C) is seen with Britain's Prime Minister Gordon Brown (R) and Chinese Vice President Xi Jinping (L) at the opening ceremony of the Jeddah Energy Meeting June 22, 2008.(Xinhua/Reuters Photo)

The meeting came as Saudi Arabia, the world's top oil exporter, is now under unprecedented pressure after the world's oil prices have witnessed historical highs time and again in recent months, triggering protests worldwide and concerns over its damage to world's economic growth and energy security. (Xinhua)