He said the kingdom's output was currently running at a rate of 8 million barrels per day.
Industry sources on Sunday said Saudi planned to cut back by up to 300,000 barrels per day below its OPEC target in February.
The minister was asked to what extent the kingdom was willing to go to balance the oil market.
"Let me tell you this. We are working very hard to bring balance.... we will do what it takes to bring it back to balance," he said.