The threats of disruption as well as the early supply cuts have helped to lift Brent crude futures to almost $80 a barrel this month, a level not seen since 2014.
"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters.
"The markets are adequately supplied".
"OPEC is one of the third world's biggest accomplishments in my view, not just in terms of oil producers, but it's an organization that can be effective in the world's economy and it's a good, strong foundation", he underlined.
While viewing high demand as healthy, the organisation noted that the trend was fuelled by developing countries undergoing major demographic and general economic expansion.
Furthermore, the commodity has also rallied in the wake of U.S. sanctions on Iranian oil exports and fears about OPEC-member depletion rates.
The Iranian market doesn't have much capacity left to replace more than 2 million barrels a day of exports that could be lost to sanctions.
"Market is still open for us, and we are now exporting oil. As a result, significant EM oil demand destruction could follow if Brent crude oil spikes above $120/bbl".
While it's possible that refiners around the world will be able to juggle their supplies to work around the politically-created disruptions, this is likely to come at a cost.
Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year.
Brent crude futures were at 79.84 dollars per barrel. The US president has called it a "monopoly" and urged it to "get prices down now".
Looking at prices that more closely track Iranian crude, such as Oman futures on the Dubai Mercantile Exchange and physical Dubai swaps, and some interesting trends emerge. WTI crude, the benchmark North American contract, was up 1.7 per cent at $72 USA a barrel.
However, comparing the paper Oman contract to physical Dubai shows that the forward curve for the physical market is not as steeply backwardated.
"South Korea was the first country to halt Iran's oil imports following the USA sanction threats against the country", Kasra Nouri, the public relation manager of the ministry, was quoted as saying by SHANA news agency.