But that did nothing to cool prices, with New York light crude futures rising more than 1.6 percent in early-morning trading.
"The only thing that's been achieved from this meeting is that we have a clear path to $150 and beyond," Stephen Schork, editor of energy publication The Schork Report, told "Squawk Box Europe."
"Why did we even have this quote-unquote oil price summit?" Schork said. "The Saudis didn’t tell us anything we didn't already know."
"My fear is now that OPEC, or specifically the Saudis, has not given this market a reason to sell, and with the amount of speculation in this market we now have every reason to go back in and start buying this market now," he said.
Any news that may help ease oil prices is being "shrouded by the fact that nothing has come out of Jeddah," Rob Laughlin, senior broker at MF Global, said.
"Kuwait (and the) UAE had ample opportunities to join the Saudi political move to give us a bit more (oil) and they failed," Laughlin said.