A week ago OPEC and its allies including Russian Federation agreed to boost supplies, easing curbs in place since the start of 2017.
It added that there also was an understanding that oil-producing countries would need "to compensate for any potential shortage of supplies".
The leader of OPEC said it plans to pump a record-high 11 million barrels of oil per day in July, according to reports.
Meantime, a major oil producer in Canada suffered a power outage, disrupting the flow of crude to the United States, and outages in Libya and Angola further reduced global supply.
Iran opposed any changes to the original production-cut deal at a time when its oil industry is facing renewed sanctions over Trump's decision to quit the worldwide nuclear deal with Tehran.
Saudi Arabia now produces about 10 million barrels of oil per day.
Saudi oil officials did not comment.
Thieves Drain Bank Account of Oldest Living US Veteran
Overton's bank account, however, is separate from a GoFundMe account that has been financing his in-home care since December 2016. The family said the alleged thief stole "a considerable amount" of money from the account but would not specify how much.
"King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance", read the statement. "It's certainly easy to imagine a scenario at this point where oil prices hit $100 again this year", said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University.
On June 26, a senior State Department official said the United States wants to stop all exports of Iranian oil from November and is unlikely to offer any exemptions as it did during previous sanctions.
Continuing increases came despite the decision last week by OPEC and its allies to increase production by as much as 1 million barrels per day.
Meanwhile, Iran's Supreme Leader Ayatollah Ali Khamenei on Saturday accused the USA of trying to turn Iranians against their government.
"The objective of the current economic pressures is to make people fed up, but with divine power, we will increase our bond with the people day by day, and by preserving our coherence, we will strengthen the faithful, motivated and proactive youth", he said.
That's up about 55 cents from the same period past year, at a time Trump's Republican Party is trying to hold on to its majorities in Congress in the November midterm elections.
Mr Trump has repeatedly criticised Opec even though USA ally Saudi Arabia is a core member. "This was managed between the two to rob the pocket of rest of the world".
However, Saudi Aramco CEO Amin Nasser told journalists in India on Monday that the state oil company has spare capacity of 2 million barrels of oil a day.