"I think the American press is exaggerating this quantity," he said. "That's the message I am trying to get across: please be cool, don't exaggerate the production of tight oil (in North America) because it will decline."
His comments come as the group prepares to meet to agree a cut in production to stem the slide in oil prices.
OPEC members are due to meet on Thursday, and a number of analysts and strategists told CNBC they expected the group to cut production by up to 1.5 million barrels a day to help re-balance the market and lift oil prices from their four-year lows.
Read MoreSaudis to push OPEC to cut output: CNBC survey
There was no agreement on a cut in production on Tuesday, however, at an impromptu pre-OPEC meeting between members Saudi Arabia and Venezuela, and non-members Russia and Mexico.
This news pushed oil prices lower on Tuesday. By Wednesday morning London time, benchmark Brent crude oil futures had fallen to $78.13 a barrel and U.S. crude was down at $73.79 a barrel.
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