Saudi Arabia and Russian Federation are close, especially as a result of their pact in late 2016, along with other OPEC and non-OPEC producers, to curb output by 1.8 million barrels per day in order to prevent prices dropping too far - but oil markets have changed since then, largely as a result.
Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the Organisation of Petroleum Exporting Countries (OPEC) and its allies started laying the groundwork to cut supply in 2019, reversing an nearly year-long expansion.
"OPEC lowered its demand forecast, and that gives them cover for cutting production", said Phil Flynn, analyst at Price Futures Group in Chicago.
The fall also came as the US -dollar hovered near 16-month highs on Tuesday, making oil imports more expensive for any country using other currencies at home.
Both WTI and Brent futures are up 0.75%, having jumped more than 1% in initial trade.
The fresh plunge comes as representatives from Opec and non-cartel members prepare to meet Sunday in Abu Dhabi to discuss a possible output cut to protect their revenues amid slumping prices. The U.S.at first insisted it would seek to curtail all of the country's exports, only to grant waivers to eight of its customers just as Washington reimposed sanctions this month.
Speaking at a conference in Abu Dhabi, Saudi energy minister Khalid Al Falih said the kingdom's oil output would fall by 500,000 barrels per day in December.
In a final statement, they said they had "reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements".
United States crude oil futures were trading around $60.80 per barrel, $1.50 higher than on Friday.
In light of these developments, the world's traditional oil leader and unofficial OPEC leader, Saudi Arabia, is seeking to boost oil prices in the near-term to win enough time before its sovereign wealth fund starts generating more substantial returns on its investments.
"This announcement of at least Saudi Arabia reducing probably will firm the price", BP Chief Executive Officer Bob Dudley said in a Bloomberg TV interview. So, we know that supply is going to be reduced and in the medium term we can expect higher oil prices.
"I think we would have to wait and see how the market is unfolding because our ultimate goal is market stability".
Falih on Monday said inventories had been building up, adding that "the 25 producers will not allow this to continue" and that they had signalled they would do "whatever it takes to balance the market".
Trump in recent weeks demanded the oil cartel increase production to drive down USA gasoline prices. It's a concern shared by Barkindo, who said Monday that the market balance is under threat from surplus supply and dwindling demand.