Saudi Arabia's King Abdullah has told his country's Shura Council that he will maintain a moderate policy towards oil production to maintain a stable world economy.

Saudi Arabia is the world's largest producer of oil with a quarter of the world's known reserves.

It is the first time King Abdullah has addressed the appointed council, the closest thing Saudi Arabia has to a parliament, since assuming the throne in August.

The King also renewed a pledge Saturday to stamp out terrorist killers, referring to al-Qaida.  He said that there is "no place for extremism" in the Saudi kingdom.

Also Saturday, Saudi Arabia's interior minister said the country has successfully foiled "90 percent" of the attacks terrorists had planned to carry out in the kingdom.  Prince Nayaf also said that several militants will be going on trial soon.

Some information for this report was provided by AFP, AP and Reuters.