The bank added that it expected US crude production, already at a record 11.6 million barrels per day (bpd), to break through 12 million bpd in 2019, making the United States "energy independent".
"The technical analysis we reviewed yesterday shows that we need a reduction approaching one million bpd to balance the market", he told an energy conference in Abu Dhabi. "We are not in the business of pinpointing a price going forward".
Malaysia agreed in December 2016 to cut its production by 20,000 barrels a day to the agreed 600 million barrels until the next meeting the Vienna meet. While they were willing to take that action to ease prices and shield themselves from attacks from the White House, many countries also need the value of a barrel to stay high enough to balance their budgets.
In the short term, production cuts by OPEC and its allies could drive up prices.
"Twelve days in a row is insane - but there are a lot of pieces putting pressure on the market", said Bob Yawger, director of energy futures at Mizuho.
The group's caution arises partly from the unpredictability of Iranian supply.
US crude oil imports averaged 7.5 million barrels per day in the week, up by 195,000 barrels per day from the previous week. That confounded a market that was anticipating a stricter enforcement.
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The first cases emerged in Queensland , where a man was taken to hospital with stomach pains after eating strawberries. He was charged with making a false report to police and falsely claiming goods had been contaminated.
USA energy firms last week added 12 oil rigs in the week to November 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday. And the kingdom threw its weight behind OPEC and its allies reducing supply further next year. Weaker global economic growth "could lead to widening the gap between supply and demand". While global spending on new and existing oil and gas projects will rise 5 percent this year to $480 billion - almost 40 percent less than in 2014 - investment won't reach the $600 billion the industry needs annually through the next decade to meet future demand, according to consultant Wood Mackenzie Ltd. It can be said that the cut in the crude output has also been brought about because of the waivers given by the United States to countries to allow them to import crude from Iran, as they have been traditionally doing.
Neither al-Falih nor al-Mazrouei directly criticized Trump, but Mohammed Hamad al-Rumhy, Oman's oil and gas minister, blamed the USA president for some of the volatility striking the oil market.
"For oil companies, whether shale or anywhere else, obviously the higher the better as far as prices go", said Pavel Molchanov, an energy analyst at Raymond James. In a series of tweets, Trump blamed a stock market sell-off on the Democratic victory while pressing the Saudis and OPEC to keep oil production at current levels. "They seem to be sitting squarely on the fence about pulling the barrels back".
Unsurprisingly, this view is shared by Vagit Alekperov, CEO of Russia's Lukoil, who told delegates to the Abu Dhabi event on Monday that "I don't see any point in cutting". If Riyadh reduces daily exports by 500,000 barrels next month, it would effectively wipe out most of the production increases of the last six months. "We need not overreact" to falling prices, Mazrouei said, adding that crude was a dynamic market. "We don't want to throttle the global economy".
Russia's Novak said it's "hard to say" if oil markets will be over-supplied next year.