He asserted that Riyadh "does not try to push oil" into the market beyond customer needs.
Saudi Arabia is now expecting crude oil exports to dip by 100,000 bpd in August, according to a Reuters report, after yesterday reports that OPEC had increase production to more closely reflect the production cut agreement forged at the end of November 2016.
The kingdom told fellow producers on Wednesday that output in July will be in line with June's level of just below 10.5 million barrels a day, people familiar with the matter said.
"While Saudi Arabia is under pressure from Trump to keep oil prices low, it probably won't like them to be too low at the same time", NH Investment & Securities Co commodities trader Hong Sung-ki said in Seoul.
As per Goldman Sachs, unpredictable policy from the USA government is increasing volatility in the oil and fuel markets.
With or without Trump's participation in Middle Eastern oil matters, Saudi Arabia looked ready to increase production, with days earlier reports showing that it was planning a record production level in July of 10.8 million bpd-Saudi Arabia's highest level-as it sought to raise exports in an effort to calm market fears that the market was overtightened.
"WTI will likely be buoyed above US$65 and Brent above US$70 for a while, but as uncertainties remain over the trade dispute between the United States and China, we'll continue to have some downward pressure", Hong said.
Iranian officials have not responded to requests for comment.
Those factors have contributed to the fall in oil prices of more than $5/b since US President Donald Trump tweeted at OPEC on July 4 to open the taps to cool the market.
Perhaps the production in the US will grow even more, Rystad Energy said.
In May, Riyadh's crude oil production spiked to a three-year high in response to Washington's demand that the oil-rich kingdom help keep gasoline prices in check and fill the supply gap when USA sanctions on Iran enter into effect in November.
Fuel prices were supported the last few weeks in large part because almost 700,000 bpd was shut down in Libya.
GDP growth is forecast to reach 1.9 per cent in 2018 and 3.4 per cent in 2019, the report said. However, production at one of the country's largest oil fields, Sharara, is now expected to drop again by 160,000 bpd after oil workers were abducted on Jul.14 and oil wells closed as a precaution.
Libya's eastern ports are back in business after a blockade was lifted last week, allowing its crude production to ramp up by several hundred thousand barrels per day. These export figures do not match what is thought to be Saudi Arabia's record oil production in July, or the cartel's earlier commitment to raise oil production-and theoretically, exports-to cool oil prices. How will the oil price going on next?