"We hoped to see the producers increase the production even more in order to stabilize the markets and this is a huge, looming problem in the oil markets", he added.
"We think it is unlikely that these producers will flood the market and crater oil prices, but by the same token the effect of high prices on both demand and the temper of the USA president appear to be unpalatable for the group", Gammel said.
OPEC will be set to lift daily oil production caps soon, though the limit lift will be for less than markets had initially feared, with Saudi Arabia pushing for a one million bpd production limit hike, though key OPEC countries like Iran are arguing for a comparably smaller increase of 600-800 thousand barrels.
Brent crude is being pared back by Saudi Arabia's pledge to boost output after an ambiguous Opec pact and contradictory statements from other nations spurred a price jump on Friday, while shrinking stockpiles are supporting West Texas Intermediate (WTI).
Losses in US crude prices were limited by the likelihood that an outage at Syncrude Canada's 360,000 bpd oil sands facility would last through July. The spread between the European and American markers narrowed 18 per cent Monday and has nearly halved in under a week. ICE August Brent lagged slightly, settling $2.50 higher at $75.55/b.
Oil markets have tightened significantly since 2017, when Opec and its partners started withholding supply to prop up slumping prices at the time.
The differing reaction narrowed Brent's premium to less than $6 a barrel from more than $10 last week.
Saudi Arabia and Russian Federation initially proposed raising output after curbs by OPEC and its allies since previous year helped eliminate a global glut and boosted Brent crude to US$80 a barrel for the first time since 2014. Analysts see the deal as a compromise between Saudi Arabia which sought a production increase and the likes of Iran and Venezuela which did not.
When asked if tweets by the USA president urging OPEC to keep prices down factored into the country's move, Novak told CNBC that "the United States is just another consumer, like the rest of consumers, and when we make decisions we take into account the interests of the consumers, not just those of producers".
Meanwhile, the biggest U.S. shale region will have to shut wells within four months because there aren't enough pipelines to get the oil to customers, according to Scott Sheffield, the chairman of Pioneer Natural Resources Co.