Supply to the global oil market remains "satisfactory", Saudi Arabia's energy minister Khalid al-Falih said Sunday, after calls by US President Donald Trump for an immediate hike in output to reduce prices. 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 US imposing sanctions on Iranian oil from November this year.

"While the supply/demand balance remains satisfactory, we continue to watch closely...and we'll respond appropriately and in a timely manner as necessary," said Falih, who chairs a joint committee of OPEC and non-OPEC countries. "It is critical that we continue to foresee and anticipate changing market supply and demand balances and take proactive actions to avoid conditions that could make (oil) consumers uneasy and anxious," he added.