June 13 (Bloomberg) -- Saudi Arabian Oil Minister Ali al- Naimi said a summit of oil producers, consumers and companies this month will find a solution to ``stabilize'' oil prices that are ``unjustified'' by supply and demand fundamentals.

Saudi Arabia has invited nations including the U.S., U.K. China, Germany, India and Japan to the June 22 meeting in the coastal city of Jeddah, al-Naimi said in statement published today by the Saudi Press Agency.

``The meeting in Jeddah will discuss the increase in oil prices, which are unjustified by market fundamentals, and suggest appropriate solutions,'' the minister said. ``This meeting is expected, god willing, to produce positive results that will contribute to stabilizing the international oil market.''

To contact the reporter on this story: Stephen Voss in London at sev@bloomberg.net

Last Updated: June 13, 2008 08:51 EDT