Japan's industry minister has asked Saudi Arabia's energy minister for cooperation in stabilizing global crude oil prices.

Economy, Trade and Industry Minister Nishimura Yasutoshi met Energy Minister Prince Abdulaziz bin Salman in the Saudi capital, Riyadh, on Sunday.

Saudi Arabia is the biggest supplier of crude oil to Japan.

During their meeting, Nishimura said stabilization of oil prices is essential amid the pressing global demand for energy.

The Saudi minister stressed the need for investment by oil consuming nations to increase oil production.

The two ministers then agreed on the importance of collaboration between their countries for price stabilization.

They also signed a memorandum to work together for the creation of a supply chain of hydrogen and ammonia, which are next-generation energy sources.

Saudi Arabia is tackling the challenge of diversifying its industries. Japan intends to strengthen ties with the country through assistance in its areas of specialty.

Nishimura later told reporters that Japan has built a long-term relationship of trust with Saudi Arabia in energy and other areas. He said Japan hopes to lead discussions on stabilizing the crude oil market as the chair of the Group of Seven meetings next year.