"Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC's cut in production helped speed the reduction of the oil glut", said Phil Flynn, an oil analyst for The Price Futures Group.
"It's confusing why the president would come out with a statement like this now", Smith said.
OPEC, in its Monthly Oil Market Report for June, put Nigeria's output at 1.516 million bpd in May, down from 1.63 million in April and 1.861 million bpd in December 2017.
OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices.
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Also weighing on prices was another rise in USA oil production C-OUT-T-EIA, which hit a weekly record of 10.9 million bpd last week, according to the Energy Information Administration (EIA) on Wednesday.
On the sidelines of the opening match of the World Cup on Thursday, President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman will meet to discuss oil policy, Bloomberg added.
According to secondary sources, total OPEC crude oil production averaged 31.87 million bpd in May, an increase of 35,000 bpd from the previous month.
A mix of new US sanctions on Iran, chaos in Venezuela and robust global growth has tightened the oil market.
The president has been vocal about his dissatisfaction with oil prices in the past.
Oil prices ticked higher Thursday after data showed a decline in US petroleum inventories.
Earlier this week, Iraq's oil minister, Jabar Al-Luaibi, said OPEC shouldn't give in to pressure and increase production rates as the oil markets still need stability. With record amounts of Oil all over the place, including the fully loaded ships at sea.
Monday's talks between Sanjiv Singh, head of IndianOil, India's largest refiner and fuel retailer, and top executives of Chinese oil companies also looked at investing - either jointly or separately - in expanding United States oil and gas export infrastructure to raise shipments to Asia as a counterbalance to OPEC, sources said. The House Judiciary Committee approved a bill Wednesday to subject OPEC to US antitrust law by removing state immunity shields.