Amin Nasser is confident that demand will improve in H2 2020, particularly in China, he told Reuters newswire on Monday.
"We think this is short term and I am confident that in the second half of the year there is going to be an improvement on the demand side, especially from China," Nasser said.
"I do not think it is going to have a long-term impact.”Nasser said that Aramco, the world's biggest oil-producing company, has not evacuated its staff from China.
Saudi Arabia has held talks with other OPEC members and Russia to discuss potential deeper oil supply cuts to counter the impact on crude prices.
But Russia has yet to announce its final position on the proposal.
OPEC and allies are due to meet over March 5-6 to decide on production policy.