He could not rule out a drop in oil prices to $30 per barrel if the extension of the output cut deal is not executed.
OPEC and its Russia-led non-OPEC allies are withholding a total of 1.2 million bpd of oil supply from the market until the end of June and are set to meet in coming weeks to discuss how to proceed with their oil supply management policies in place since the start of 2017.
Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the USA and China.
The energy ministers of both countries have been at pains to stress a common view on the crude market, saying Friday they'll continue to cooperate once production curbs expire, though Russian Federation is yet to commit to an extension of the deal as it weighs demands from its oil companies.More news: Gods & Monsters Announcement Trailer - E3 2019
Saudi Arabian Energy Minister Khalid al-Falih (L) and Russian Energy Minister Alexander Novak (R) exchange documents during the 6th meeting of the Russian-Saudi Intergovernmental Commission on Trade, Economic and Scientific and Technical Cooperation in Moscow on June 10, 2019.
Russian Federation has been under pressure from its domestic oil firms to let them pump more. Both ministers may be in Japan for the Group of 20 summit this month, giving them "an opportunity to further calibrate our positions", Al-Falih said in an interview with Russian news service Tass.
But Saudi Arabia needs oil at $85 to balance its budget, so the leaders of the two OPEC+ groups are (again) at odds over what they see as a "fair price" for oil.
China's crude oil imports slipped to around 40.23 million tonnes in May, from an all-time high of 43.73 million tonnes in April, customs data showed, due to a drop in Iranian imports caused by us sanctions and refinery maintenance.More news: People Canceling Trips to Dominican Republic Amid Slew of Deaths
Oil prices climbed on Tuesday in Asia as market sentiment remained remained firm while expectations that producer cartel OPEC will extend supply cuts underpinned prices.
US sanctions on Iran and Venezuela are likely to tighten the market, many analysts forecast, while US-China trade tensions could dampen global oil demand.
Referring to the OPEC+ deal after the talks he held with Russia's top officials, Saudi Arabia's al-Falih told Russian news agency TASS in an interview published on Monday that "I am fairly confident that from the OPEC side nearly everyone agrees that we need to extend the Declaration of Cooperation", adding that "So, I think the remaining country to jump onboard now is Russia".More news: Iran to ask Japan's Abe to mediate over US oil sanctions