Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud said all options are open at an OPEC+ meeting in early March, including further cuts in oil production, Al Arabiya television reported.
But he added that it was too early to make a call on the need for more cuts.
"I can't judge now if the market needs additional cuts because I haven't seen the balances for January and February," he said.
He said that when OPEC and its allies led by Russia convene for an emergency meeting in March, the grouping will study where the market is and "objectively decide" if more cuts are needed.
OPEC+ agreed in December to widen their supply cuts by 500,000 barrels per day (bbl/d) to 1.7 million bbl/d until the end of March.
Prince Abdulaziz said the aim of OPEC+ was to reduce the size of the seasonal inventory build that takes place in the first half of the year.
OPEC+ is due to meet in Vienna on March 5 and 6 to set their policy. A ministerial monitoring committee for the deal will meet in Vienna on March 4.
Drillers cut 11 oil rigs in the week to Jan. 10 in the biggest decline since October, bringing down the total count to 659, energy services firm Baker Hughes Co. said in its weekly report.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Iran and Iraq have reached an understanding about developing two oilfields on their mutual border, Iran's oil minister was quoted saying on April 7, a day after Iranian President Hassan Rouhani called for increased trade between the two countries.