The FT added that Naimi — speaking at the CERAWeek energy conference in Houston — said that Saudi Arabia will pursue a production freeze rather than a decline, citing a lack of trust among the world's major oil producers.

"There is less trust than normal," Naimi said. "Not many countries are going to deliver. Even if they say they will cut production, they will not deliver."

Last week, Saudi Arabia, Qatar, and Venezuela — all members of the 13-member OPEC oil cartel — along with Russia announced a coordinated oil-production freeze in an effort to bring some balance to the oil market.