"The technical analysis we reviewed yesterday shows that we need a reduction approaching one million bpd to balance the market", Khalid al-Falih told an energy conference in Abu Dhabi.
Opec's de-facto leader Saudi Arabia meanwhile said it would draw back its exports for the month of December to the tune of 500,000 bpd as it anticipates lower winter demand.
"A new strategy needs to be formed, whether it's cuts or something else, it's not increasing production definitely".
The group, including Russian Federation and Saudi Arabia, warned that crude supply would outstrip demand next year.
Brent crude dropped below Dollars 70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below USD 60 a barrel, a nine-month low.
The imposition of sanctions against Iran and those who do business with Iran has had a very limited impact on oil prices, due in large part to strong output from the USA and Russian Federation.
Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.
"The recent drop in oil prices reflects a combination of factors".
Saudi Arabia and Russian Federation, traditional arch-rivals have since 2016 worked in sync to counter U.S. shale, joining hands last year to remove a five-year inventory level by undertaking 1.8 million bpd of cuts.
Ahead of the meeting, he acknowledged that so far there was no new deal to cut production among OPEC and non-OPEC producers, who struck an agreement in late 2016 to cut output by 1.8 million bpd to tackle an oversupply crisis.
The oil producers could agree (though Russian Federation doesn't want to) to reduce the output to somewhere between the May and October figure (say a cut of up to 1 million) - cutting all the way to May level may attract the wrath of Donald Trump.
It was "premature to talk about a specific action", he told reporters, asked about the possibility of an output cut to support sliding prices.
"We'll make sure we'll steer the global oil markets ... to make sure we don't jerk the oil markets into swinging either side", said Mr Al Falih.
"We want to enter 2019 with a minimum amount of stocks", Falih said.
"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the U.S., more than compensating for lost Iranian barrels", Forex.com analyst Fawad Razaqzada told AFP before the meeting.
He also attributed the sharp drop in prices to "microeconomic uncertainties", and signs of a build-up in crude inventories.
Commerzbank, Germany's second-largest lender, said on Friday that oil producers must act to prevent prices tumbling.