The Organization of Petroleum Exporting Countries and other major producers are committed to reducing oil stockpiles, and all countries participating in a six-month deal to pare output are committed to restoring the market's stability, Barkindo said at a conference in Abu Dhabi.
USA crude futures were up 43 cents at $50.87 a barrel. OPEC and 11 other non-OPEC producers agreed to cut production by 1.2 million barrels day for the first half of this year.
Oil edged higher on April 19 as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the USA and still-high global stocks threatened to pull prices lower.
OPEC and top nonmember producers reportedly will meet May 25 as they remain publicly undecided over whether to extend production cuts.
The Energy Minister of the United Arab Emirates said he saw healthy oil demand growth this year and believed inventories would fall, but it would take more time to rebalance the market.
Brent crude settled down 3.6 percent, or $1.96 a barrel, to $52.93.U.S. crude stocks fell 1 million barrels in the latest week, the U.S. Energy Information Administration said, a smaller draw than expected.
Gasoline stocks were up by 1.5 million barrels, compared with expectations in a Reuters poll for a 1.9 million-barrel drop. Total volume traded was in line with the 100-day average.
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USA crude futures tumbled following the EIA data release, off $2.7% to $51 a barrel.
US crude inventories, however, fell by 1.0 million barrels last week to 532.3 million barrels, said the EIA.
US shale production in May is likely to post the biggest monthly gain in more than two years, government data showed on Monday, as producers have stepped up the pace of drilling with oil prices holding above $50 a barrel. Output in the lower-48 states rose 21,000 barrels a day to 8.72 million, also the highest since August 2015. Inventories are at record highs.
The continued growth in USA production and the rise in stockpiles forced the market to respond bearishly based on the increased inventory outlook.
"Five of the last trading days we've been lower", he said.
Oil prices dipped on Wednesday as bloated US supplies weighed on markets while a fall in Saudi crude exports was offset by rising production in the country.
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