"The question is to calibrate with non-OPEC", Saudi Energy Minister Khalid al-Falih said at an economic forum in St Petersburg, Russia.
It seems as though the Trump administration will continue rely on tariffs to carry out its agenda as the president tweets that "the higher the Tariffs go, the higher the number of companies that will move back to the United States of America", and mounting trade tensions may continue to drag on the price of crude as the US and China, the two largest consumers of oil, struggle to reach a trade deal ahead of the G20 Summit on tap for later this month.
Oil prices rose almost 2% on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June.
He said that while OPEC was close to agreement, more talks were needed with non-OPEC countries that were part of the deal to reduce output by 1.2 million barrels per day (bpd), which runs out at the end of this month.
Al-Falih remarked, "On the OPEC side, a rollover is nearly in the bag; the question is to calibrate with non-OPEC, [but] I don't think there will be a need to deepen the cut".
"What we've seen is global central banks are ready to respond to a slowdown in the economy", said Phil Flynn, an analyst at Price Futures Group in Chicago.
US stocks, which oil prices tend to follow, spiked after Bloomberg News reported the United States is considering a delay in the tariffs as talks continue.
"I don't think there will be a need to deepen the cut, but whether we need to scale it back a little bit will depend on what happens in Iran, Venezuela, other countries", he added.
Al-Falih also stated that he's unwilling to engage in a race to increase oil output in order to compensate for lower prices and that a return to the price-crash environment of 2014-15 is unacceptable.
Speaking at a gathering with the foreign media in St Petersburg, Putin said he would not reveal what Russian Federation and its partners would do on the oil market in the second half of the year, but said several factors, including higher oil demand in the summer should be taken into account. President Vladimir Putin showed little concern this week about the latest market moves and said his country was better placed to withstand lower prices than its Gulf ally. "Look at the price of a barrel, which Saudi Arabia uses to calculate its budget".
According to an International Monetary Fund official, Saudi Arabia would need oil priced at $80-$85 a barrel to balance its budget this year.
Supply has also been limited by US sanctions on oil exports from Venezuela and Iran.