The meeting will see major oil producers and consumers and oil-producing executives attend.
They include Samuel Bodman, the US Energy Secretary, Gordon Brown, the UK’s Prime Minister, and Abdullah al-Badri, secretary general of OPEC.
Energy ministers from 30 countries are also expected to attend the event in Jeddah, on the Saudi Red Sea coast.
With oil prices reaching nearly $140 per barrel, the conference will look at ways to stem mounting concerns and respond to criticism that the kingdom is exacerbating the situation by refusing to raise production.
Saudi Arabia raised production by 300,000 barrels a day in May.