Naimi also told the conference that he was "not banking" on production cuts. "There is less trust, why worry about cuts," he said.
He said that hopes for a freeze had helped the market and that even a marginal cut would help prices more than no cut at all. But he emphasized that producers would not agree to cut production, a disappointment to an industry that was hopeful talks of a freeze were early signs that a real reduction in output could be close at hand.
"Not many countries are going to deliver, even if they say they will cut production, they will not deliver. So there is no sense in wasting our time seeking production cuts," Naimi said.
Naimi declined to comment to CNBC on whether he thought the freeze would continue to be supportive of oil prices.
Oil fell sharply after the Saudi oil boss's remarks, with West Texas Intermediate settling down 4.5 percent at $31.87 per barrel.
Naimi said there would be a meeting on the freeze in March, but cautioned that complete cooperation promised to be difficult. The oil minister from Iran, which is adding barrels to the market, called the freeze "a joke" shortly before Naimi spoke.
But Naimi did have some positive words for shale, saying that the shale sector could provide additional barrels to the world market at a time of rising demand, and that he was pleased that the U.S. dropped am export ban on oil, allowing for more flexibility. But he also warned that high-cost producers would have to find ways to lower their costs or liquidate.