But markets are anxious by falling supply from Venezuela and the potential of lower exports from Iran.
In physical oil markets, Middle East light crude grades are set to trade at discounts against their respective official selling prices (OSPs) amid ample supplies to Asia, including from the United States, four trade sources said on Tuesday.
"I can tell you there is no truth in that whatsoever", he added in an interview with CNNMoney Emerging Markets Editor John Defterios.
US oil prices reversed early losses to settle higher following the reports. A year ago, a gallon cost about $2.40; now it's closer to $3.
"Looks like OPEC is at it again", Trump tweeted in April. Given that growing demand and the time it takes to bring new oil on-line in response to higher prices, it's no surprise prices have risen. "No good and will not be accepted!"
Here's the thing: for a lot of oil companies in the US, oil at $60.00 a barrel is the magic number.
Still, production increases could be coming soon.
The oil price will be a critical factor when OPEC and its partners meet in Vienna next week to decide on a possible extension of a production cut deal - which crucially included giant producer Russian Federation - that has been key to the oil price recovery.
Saudi Arabia's output rose by 85,500 barrels per day in May, according to the cartel's monthly report out Tuesday.
"We are now collecting all of the data", Al Mazrouei said on Sunday.
Trump policies have helped heighten fears over a major supply crunch.
Iran's share of OPEC production increased slightly last month, possibly a sign that the country's crude exports have not yet been affected by the United States decision to ditch a landmark global nuclear accord with Tehran and re-impose damaging sanctions. Since the nuclear deal was signed, Iranian production has increased by almost one million barrels per day.
OPEC meets June 22 in Vienna to assess the future of its 1.8 million b/d supply cut agreement with 10 non-OPEC partners, led by Russian Federation.
"The high level of inventory over the past few years has meant that the market did not need to react to rising political risk, because the inventory was effectively the same thing as spare capacity", Gammel of Jefferies bank said. A strong dollar makes greenback-denominated oil more expensive for holders of other currencies.
Malek went on to note that technological advances will enable producers to lower their all-important break-even prices and earn a 15 percent cash return on the barrels they produce.
Iran, obviously, is facing production outages from USA sanctions, so it likely can't increase output even if it wanted to.