"We're going to do everything we can to keep supply and demand inventories within a reasonably narrow band, " Al Falih said on Monday, during a debate moderated by CNN Business' Emerging Markets Editor John Defterios.
US President Donald Trump put pressure on OPEC not to cut supply of oil to prop up the market.
President Donald Trump took aim at Saudi Arabia's plan to cut oil production on Monday, injecting new tension into an already fraught alliance that has been clouded by USA concerns over the killing of journalist Jamal Khashoggi and the ongoing conflict in Yemen.
"Although the oil market has reached a balance now, the forecasts for 2019 for non-OPEC supply growth indicate higher volumes outpacing the expansion in world oil demand, leading to widening excess supply in the market", the group wrote.
Saudi Energy Minister Khalid al-Falih said OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million bpd from October levels.
Meanwhile, Russian Energy Minister Alexander Novak said that he "would not want to focus purely on production cuts". The uptick in supply and the United States granting of waivers to eight countries to keep importing Iranian oil despite USA sanctions re-imposition this month have contributed to the oil price fall.
US West Texas Intermediate (WTI) crude futures rose 1.5 per cent to $61.08 per barrel.
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A decision is expected only when the OPEC and non-OPEC ministers meet in Vienna on December 5 to assess the global energy market. Saudi Arabia has expressed concerns that US sanctions have removed less oil from the market than expected.
Saudi Energy Minister Khalid al-Falih said on Monday OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to prevent oversupply.
"A new strategy needs to be formed... whether it is a cut in production or something else, but it will not be an increase in production", he said.
Another potential problem: Thatte notes that money managers' oil positioning, which has historically moved with oil prices, are at a 15-month low.
"The sanctions on Iran have turned out to be a damp squib for the time being with the Trump administration granting exemptions", said Devesh Mamtani, head of investments and advisory at Century Financial, a brokerage firm in Dubai. It's a concern shared by Opec secretary-general Mohammad Barkindo, who said on Monday that the market balance is under threat from surplus supply and dwindling demand. "We have to wait and see how the market is unfolding".
"With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down... or risk another 2014-style slide in prices".