About two dozen exporting nations began capping their output in 2017 in a bid to drain a global crude glut. The group agreed in June to restore some of that output, and producers with spare capacity have been pumping more oil since then.
Energy market participants had expected Saudi Arabia and Russia to recommend further productions cuts on Sunday. Instead, Riyadh and Moscow went only so far as to suggest it was a possibility.
The comments come after a significant drop in oil prices in recent weeks, as crude futures benchmarks have tumbled approximately 20 percent or more since climbing to a peak in early October.
International benchmark Brent crude settled at $70.18 on Friday, down almost 1 percent, while U.S. West Texas Intermediate (WTI) fell for the 10th straight session to close at $59.87.
The collapse in prices constitutes a stunning reversal from last month, when crude futures had hit nearly four-year highs as traders braced for potential shortages once U.S. sanctions on Iran came back into force.
Saudi Arabia's al-Falih said it had become clear that this previous spike in oil prices was "an emotional overreaction."
"I think the decisions that came out in Washington with granting the waivers … (And) with the volumes starting to show themselves and weekly inventory data, the market flipped from overreacting from one side to overreacting on the other side."