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Brent crude traded at around $75.38 a barrel on Monday morning, down 1.4 percent on the session, while U.S. WTI stood at $66.72, down around 1.7 percent.

US and European oil prices diverged on Tuesday, with concerns about global oil supply still acting as a weight on West Texas Intermediate crude.

"The oil market has moved from ample to tight supply in recent months due to strong demand, Venezuela's supply collapse and the petro-nations' production restrictions".

After the United States announced its intention to re-impose sanctions on Iran following its withdrawal from the Iran nuclear deal, 2m barrels of Iranian oil went off the already tight market, pushing the price towards the $80 mark.

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Al-Falih said that OPEC as well as Russian Federation could supply more oil to markets around the world in the short term and make up for the output collapse in Venezuela, and the impact of sanctions by the US against Iran. In the medium to longer term, we still see oil prices falling as indicated by the downward-sloping futures curve.

USA oil production has surged by more than 27 percent in the last two years to 10.73 million barrels per day (bpd). Thus it is in the direct interest of the Saudis to maintain oil at a high price.

Saudi Arabia and Russia's potential policy shift doesn't materially change Goldman Sachs Group Inc.'s bullish oil outlook, the bank's analysts including Damien Courvalin said, reiterating a forecast of Brent at US$82.50 in the third quarter.

Since previous year, oil producing countries have cut back production in an attempt to offset dipping prices, withholding as much as 1.8 million barrels per day.

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But now, there is hope for us as the top 3 crude oil producers in the world, America, Russia and Saudi Arabia are thinking about scaling up their production to match the demand.

Saudi minister Khalid Al-Falih, who's been organizing meetings with major customers and producers discussing the Saudi commitment to stabilizing oil markets, is reportedly meeting his Kuwaiti and Emirati counterparts.

Another player in on the global oil stage is Venezuela.

Crude oil futures were hammered Tuesday in catch-up trade after the Memorial Day break. In addition, USA oil production is ramping up quite steadily. So far, the cartel has gone where Saudi Arabia has wanted it to go, some more willingly than others, but still together, as higher prices are generally good for oil-dependent economies.

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Today, current price levels averaging around $60 to $70 per barrel allow shale oil producers to reinvest in drilling wells and add capacity with free cash flow rather than debt, according to Slaughter.