( CNN ) -- Seeking to alleviate concern about rising oil prices , Saudi Arabia 's oil minister said his country and other OPEC members have the capacity to produce surplus oil , Saudi Press Agency reported . Saudi Arabia alone has a surplus of about 4 million barrels per day , the agency quoted Minister Ali al-Naimi as saying . It was not clear from the news agency 's report whether al-Naimi meant that Saudi Arabia is already producing an extra 4 million barrels or that it can , if the need arises . On Tuesday , 87 countries -- including Saudi Arabia -- signed a charter to limit price fluctuations and stabilize the market . The move came as oil prices jumped 6 % . Prices spiked as high as $ 98 a barrel earlier in the session , as the crisis in Libya sparked concern that the turmoil roiling the Middle East could spread to other producing countries -- including Saudi Arabia . `` Now it 's starting to look like the entire region 's on fire , and it looks like it could spread to other parts of the region , '' said Peter Beutel , oil analyst with energy risk management firm Cameron Hanover . `` This thing is getting worse and worse and worse , and it could spread to Saudi Arabia , and that 's the big fear . '' Libya 's importance with regard to oil prices does n't hinge so much on its oil-producing and exporting capabilities , said Beutel . To put things in perspective , Libya produces about 1.6 million barrels of crude per day , compared with Saudi Arabia 's daily production of 8.4 million barrels and worldwide production of 87 million barrels , he said . But now the monarchy of Saudi Arabia , one of the United States ' strongest allies and an island of stability in an otherwise tempestuous region , faces an uncertain future . `` Markets have always relied on Saudi Arabia to act as the swing producer , boosting output if supplies were disrupted elsewhere , '' said Win Thin , global head of emerging markets strategy for Brown Brothers Harriman . The International Energy Agency , an industry group based in Austria , said Tuesday that it `` stands ready , as always , to make oil available to the market in the event of a major supply disruption if alternative supplies can not readily be made available via normal market mechanisms . '' And OPEC has also said it stands ready to hold an emergency meeting to raise its output if needed .
one countries sign a charter to limit price fluctuations . Oil prices jumped 6 % on Tuesday . Saudi Arabia 's produces 8.4 million barrels of crude per day . Libya daily production is 8.4 million barrels .