Last month President Donald Trump withdrew the United States from the landmark Iran nuclear deal, re-imposing USA sanctions that had been suspended in return for curbs on Tehran's nuclear programme.
Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.
The development came days after the oil-rich Persian Gulf state, which is the world's largest oil exporter, agreed to substantially raise production.
"One factor behind the drawdown has been US crude exports, which have shot higher to help fill the void left in Europe and Asia by the voluntary and involuntary reductions from OPEC producers", he said in emailed remarks.
The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by November 4.
On Monday, Brent oil prices were around 1 percent lower but not far from $79 per barrel as analysts have warned of thin global spare capacity to offset potential supply disruptions.
The cabinet stressed that one of the most important objectives of the kingdom's petroleum policy is to always seek to achieve balance and stability in oil markets, as well as to coordinate and consult with other producing countries and major consuming countries.More news: Amazon to buy PillPack in move into pharmacy in US
Despite the space Washington is prepared to grant these and other nations working with Iran, Hook insisted the Trump administration would not provide exemptions and was intent with fully charging forward with its current plan.
Asked whether someone was manipulating oil markets, Trump said: "100 percent. They don't want our farm products".
The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day.
The agreement from Saudi Arabia is surprising as in recent months they have agreed with Russian Federation and other OPEC+ members to keep production relatively low.
Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016.
European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline.
Trade tensions are likely to overshadow that trip. Off-topic, inappropriate or insulting comments will be removed.