Riyadh, Saudi Arabia ? Saudi Arabia’s King Abdullah said Saturday that oil-consuming nations should cut taxes on petroleum products when oil prices rise.

In a speech to a gathering of oil ministers, the world’s major oil companies and energy organizations in Riyadh, Abdullah restated his commitment to fair and reasonable oil prices and pledged to provide adequate oil supplies to the world market.

But the monarch, whose nation is the world’s largest oil exporter, issued strong advice for oil-consuming nations: reduce taxes on oil products and stop speculating.

“Reduce the burden on citizens by reducing taxes on oil products when prices rise,” he told participants. “Limit the speculation, refute rumors and misleading information that could distort the realities of the market.”

Oil prices fell 4 percent in the past week.