West Texas Intermediate, the USA benchmark oil price, had been declining for the hour before the tweet and briefly dipped lower before trading at $60.14 a barrel, down 5 cents for the day at 1:49pm in NY.
Producers need to cut about 1 million barrels a day from October production levels, Saudi Energy Minister Khalid Al-Falih said in Abu Dhabi on Monday.
Note that although the Iranian sanctions have taken effect, the American Government has now given waivers to eight of the country's customers, thereby going against its earlier insistence on cutting off all of Iran's oil from the global oil market.
Tobacco stocks were among those that slumped, with British American Tobacco shedding 9.56 percent to Â£29.93 and Imperial Tobacco losing 3.0 percent on reports of a planned United States ban on menthol cigarettes, which are seen as posing a greater health risk than traditional ones.
Saudi Arabia said OPEC and its allies should reverse about half the increase in oil output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices.
An official from group member Kuwait said on Monday major oil exporters had over the weekend "discussed a proposal for some kind of cut in (crude) supply next year", although the official did not provide any detail. The producers need prices that are high enough to balance their budgets and low enough to stimulate demand and shield themselves from attacks from the White House, all while they contend with wild swings in supply as sanctions hit OPEC member Iran.
Khalid al-Falih's comments sparked a recovery in the price of worldwide benchmark Brent crude, which rose to $70.83 a barrel and is on course for its biggest increase in a month.
The crash deeply impacted oil producers, with Saudi Arabia's fiscal deficit rising to 16% of its GDP - meaning lesser money for infrastructure, defence, and its social projects such as free medicine for citizens and so on. Turn about: Opec members and its 10 allies are mainly anxious about the increasing U.S. production (11.4 million barrels a day).
"I think we would have to wait and see how the market is unfolding because our ultimate goal is market stability".
This may be the beginning of a stabilisation in the oil market after crude prices crashed by about 20% since early October.
OPEC and the International Energy Agency release their respective monthly reports on the outlook for oil supply and demand later this week.
"We need a consensus", he said, indicating that non-OPEC Russia would need to approve any decision.
"I think it all comes down to Russian Federation", said Helima Croft, chief commodities strategist at RBC Capital Market LLC.