Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the Organisation of Petroleum Exporting Countries (OPEC) and its allies started laying the groundwork to cut supply in 2019, reversing an nearly year-long expansion.
Oil prices have shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.
USA oil production is primed to keep skyrocketing - and the higher oil prices go in the short term, the bigger the jump in US output will be.
However, at the global level, it will be a new blow to consumers, who will have to pay more for gasoline, and will increase transport expenses of the companies. US crude rose 60 cents to $60.79 a barrel, the first increase after the longest stretch of daily declines since 1984.
Momentum seems to be growing among major oil producers to reduce output in an effort to end a slump in prices.
WTI dropped 0.89 USA dollar to settle at 62.21 dollars a barrel, while Brent was down 1.04 dollars to close at 72.13 dollars a barrel. This was done as OPEC and its allies began planning for production cuts in 2019, thereby reversing the expansion oil producers had been going through in the last one year. Oman, a smaller member of the group, had said earlier it would support a cut by consensus of 1 million barrels a day.
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Concern about oversupply has pushed oil prices down by roughly 20 percent since early October. Hedge funds and other money managers have reduced their long position in oil contracts to their lowest since August of 2017 last week. EIA estimated that USA crude oil production will average 10.9 million barrels per day in 2018 and 12.1 million barrels per day in 2019, an increase of 160,000 barrels per day and 300,000 barrels per day, respectively.
In this light, Saudi Arabia has announced a new round of output cuts aimed at supporting the prices - which are, in the near-term, still expected to remain at that country's fiscal breakeven, estimated at roughly $70/bbl.
Jakob Christensen, an analyst at Danske Bank A/S:"The combination of a stronger dollar and rising oil prices will create pressures, especially on those emerging markets that are oil importers and have large refinancing needs like Turkey, Argentina, India and South Africa".
Russian Federation appears to need more convincing that it should be cutting production.
Last week, the U.S. Energy Information Administration reported that U.S. oil production hit a new high during the week that ended on November 2.
The bank added that it expected USA crude production, already at a record 11.6 million barrels per day (bpd), to break through 12 million bpd in 2019, making the United States "energy independent".
This time, Saudi Arabia is urging allies to focus on the risk of rising oil inventories and forecasts for massive growth in rival supplies next year including US shale.