The official said that "Following the USA decision to withdraw from the nuclear agreement with Iran, Saudi Arabia is committed to supporting the stability of oil markets for the benefit of producers and consumers and the sustainability of the global economic growth".
Another unsurprising performance for crude unfolded Friday in the wake of the us pulling out of the Iran nuclear deal and Britain, France, and Germany vowing to support it regardless: West Texas Intermediate settled down 66 cents to $70.70 per barrel, while Brent settled down 35 cents to $77.12.
OPEC meets next in June, where it is widely expected to continue with the supply cuts until the end of 2018.
Ignoring pleas by allies, US President Donald Trump on Tuesday pulled out of an worldwide nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies.
"With stocks falling quickly during the course of the next 18 months, we would expect continued upside pressure on crude oil prices and see Brent averaging $US75 a barrel in 2019 compared to $US70 a barrel this year", BoA analysts said.
Oil prices dipped on Friday, easing from multi-year highs in the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports from USA sanctions. The five-year supply average is 420 million barrels.
CNBC said overall oil production in the US reached a record 10.7 million barrels a day last week, according to the Energy Information Administration.
Saudi's current production is at 10.2 million bpd, with exports of around 7 million bpd. Nonetheless, speculators wasted no time in positioning themselves ahead of the future shortage.
It is unclear how US sanctions will affect Iranian oil. Even so, OPEC and other producing countries were still trimming output more than their supply-cutting pact required. Additionally, global inventories have tightened amid strong demand from Asia.
"Investors are increasingly viewing Kuwait and Iraq as the producers with the best ability to raise output quickly in response to any fall in Iranian exports", it added.
As far as boosting the U.S. economy, the old rule of thumb was that a sustained $10/bbl rise in oil prices would shave about 0.3% off of U.S. GDP the following year. The rig count is a forward-looking indicator on production. Speculative buyers are likely to step in on any move into a value zone or support area.