CNBC reports that Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC and its allied oil-producing nations are still working well together and still have options to try to rebalance global crude markets.

"We do communicate with each other, we use every opportunity to talk with each other," he said, speaking to reporters at the ICCUS conference in the Saudi capital of Riyadh.

"We did not run out of ideas, we haven't lost our phones and there are always good ways of communicating through conference calls and technology is very helpful."

His comments came amid speculation that there is tension in the alliance, known as OPEC+, over whether to cut oil production further.

Prince Abdulaziz insisted that the producer countries in the alliance communicate and he was "confident of our partnership," adding that every producer was a "responsible" one.