OPEC+ responded to growing concerns that a slowing economy could tip the oil market back into surplus by applying additional pressure to members that haven't implemented their promised production cuts.
"A reminder to the producers that competition for market share is getting tougher comes from preliminary data showing that in June the USA momentarily overtook Saudi Arabia and Russian Federation as the world's No. 1 gross oil exporter", the report added.
Falih has repeatedly upset other OPEC producers by forging deals with non-OPEC Russia first without discussing them with the kingdom's Gulf OPEC allies, who traditionally cut or raised output together with Riyadh.
Earlier prices rebounded after the data from American Petroleum Institute (API) showed on September 9, that the U.S crude stocks fell by 7.2 mn barrels in the last week, which is more than twice the amount the analysts expected.
OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.
Ministers and delegates have indicated that the committee was unlikely to take up any proposals for deeper cuts, despite slumping oil prices and bearish market forecasts for 2020. The group is striving to prevent a glut amid soaring USA production and the slowing global economy.
"With production expanding strongly, the question is can sellers of USA crude price exports attractively enough to capture worldwide markets?" the energy agency added.
"We will maintain production levels that achieve market balance and we reiterate our full commitment to support all measures that would help stabilise and balance the global oil market", he said. In August, three major countries Russia, Nigeria and Iraq, produced 0.6 mb/d more than their allocations. Traders were looking for a 2.8-million barrel draw down.
U.S. exports of crude topped 3 million barrels per day in June, according to the International Energy Agency, pushing its total oil exports to almost 9 million barrels per day.
The NNPC stated that during the JMMC, OPEC reiterated its determination to accelerate concerted action towards addressing market challenges and adapting to future developments.