Saudi Arabia, the world’s biggest oil exporter, said on Monday that it wanted to convene an energy summit of producers and consumers to focus on “how to objectively deal” with high prices.

After a cabinet meeting led by King Abdullah, the Saudi government said, “the increase in prices isn’t justified in terms of market fundamentals,” according to a statement from the official Saudi Press Agency.

The proposal comes as gasoline prices are surging to record highs and political exasperation in Washington over high oil costs is mounting.

No date was given for the energy summit. Iyad Madani, the kingdom’s information minister, said Saudi Arabia would also work with other OPEC members to “guarantee the availability of oil supplies, now and in the future.”

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Few analysts expect that a concerted effort by producers and consumers will push down prices. Still, the Saudi statement, while vague, helped prick the momentum of last week, when oil prices gained an unprecedented $16 a barrel over two days of trading. Oil futures fell $4.19 on Monday to close at $134.35 a barrel.