Speaking at a conference in Abu Dhabi, Mazroui also said the UAE can raise its crude oil production up to 3.5 million bpd if needed.
Crude prices could decline further if oil output in the USA, the world's largest producer, continues to remain at an all-time high and economic slowdown hurts overall oil demand worldwide.
U.S. West Texas Intermediate (WTI) crude oil futures were at $64.36 per barrel, down 25 cents, or 0.4 percent, from their previous settlement.
The agency, which coordinates the energy policies of developed nations, saw oil stocks in industrialised countries fall in February by 21.7 million barrels, putting inventories 16 million barrels above their five-year average.
Despite this growth in U.S. supply, global oil markets remain tight amid supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.
Tightening global oil supplies also kept a lid on further price losses.
Supply cuts by OPEC and partners led by Russian Federation, plus involuntary curbs in Venezuela and Iran, have helped drive a 32 percent rally in crude prices this year, prompting pressure from U.S. President Donald Trump for the group to ease its market-supporting efforts.
"Brent crude passed the US$70 a barrel mark for the first time in months a few days ago and now, thanks to the new from Libya, it has continued rising". That is much below its quota of 10.31 million b/d under the cut agreement.The kingdom has decreased production by 1.30 million b/d since November when it pumped a record-high of 11.09 million b/d.
USA crude stockpiles last week rose to their highest since November 2017 last week as imports increased, while gasoline inventories posted the steepest drawdown since September 2017, the Energy Information Administration said.
Production cuts and sanctions weigh on supply.
Worldwide benchmark Brent futures settled at $71.73 a barrel, gaining $1.12, or 1.59 percent, after hitting a five-month high of $71.78 a barrel. In December, stocks were 28 million barrels above the five-year average, showing that the producer group has made progress in balancing the market.Also, U.S. total commercial oil stocks fell by 15.6 million barrels to stand at 1.229 billion barrels in March, according to preliminary data.