Saudi Arabia and the United States will overcome an unjustified spat over oil supplies, the kingdom's investment minister Khalid al-Falih said at a business forum in Riyadh, stressing longstanding corporate and institutional ties, Reuters reported.

The Saudi Arabia-led OPEC+ alliance's decision this month to cut oil production targets has strained relations between the White House and Riyadh ahead of the kingdom's FII investment forum, again attended by top U.S. business executives.

"If you look at the relationship with the people side, the corporate side, the education system, you look at our institutions working together we are very close and we will get over this recent spat that I think was unwarranted," Saudi Investment Minister Khalid al-Falih said.

Noting that Saudi Arabia and the United States have been reliable allies in the long term, he stressed that the kingdom has "very strong" cooperation with Asian partners, including China as the largest importer of Saudi hydrocarbons.

As in previous years, the three-day Future Investment Initiative (FII) forum, which opened Tuesday, attracted a lot of attention from Wall Street, as well as from other industries with strategic interests in Saudi Arabia, the world's largest oil exporter.

JPMorgan Chase CEO Jamie Dimon expressed confidence that Saudi Arabia and the United States would defend their 75-year alliance. "I can't imagine any allies agreeing on everything and not having problems – they’ll work it through," Dimon said. "I'm comfortable that folks on both sides are working through and that these countries will remain allies going forward, and hopefully help the world develop and grow properly."