But Falih - attending a meeting of oil producers in Algiers - left the way open to a future production hike, as supplies tighten due to the U.S. imposing sanctions on Iranian oil from November this year.
While refiners may be able to get crude oil, they are having to pay more for it, and deal with mounting disruptions to normal supply chains. "In my view, that makes it conceivable to see a price spike north of $100 a barrel".
Three sources familiar with the matter told Reuters in early July that South Korea would not lift any Iranian crude and condensate that month, halting all shipments for the first time in six years amid USA pressure to cut all imports of Iranian oil from November.
Also Sunday, OPEC released its World Oil Outlook 2040 report.
For all these urgent supply pressures, the world's largest oil producers adopted a sit-back-and-wait approach at their meeting in the Algerian capital on Sunday.
Saudi Arabia successfully negotiated limits on oil production 18 months ago in an effort to get oil prices higher and boost government coffers, which had suffered from an extended period of cheaper oil.
Saudi Energy Minister Khalid al-Falih said: "I do not influence prices. We in Saudi Arabia have not seen demand for any additional barrel that we did not produce".
The bullish sentiment also infected Wall Street bankers and hedge funds, with some caveats. That suggests OPEC's power to influence the market will be tempered by US production for about another decade. Money managers' wagers on higher Brent crude prices are having their longest streak since November 2017, according to ICE Futures Europe data.
Kazempour Ardebili said the unfavorable conditions for the implementation of US oil sanctions against Iran could eventually forced US President Trump to show a certain level of flexibility. Brent crude has averaged year to date at $71 a barrel.