Russia has no plans to increase its oil output as the market has been oversupplied, Russian Energy Minister Alexander Novak told Reuters on Thursday.
International crude prices have fallen around 50 percent to under $26 a barrel since the Organization of the Petroleum Exporting Countries and other large oil producers led by Russia failed last month to agree to extend their deal to curb output.
However, they jumped 10 percent on Thursday after US President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement soon to end their oil price war.
Novak said Russia has not yet discussed the oil market situation with Saudi Arabia, but does not rule this out.
Read more:
Saudi Arabia supports cooperation among oil producers: Senior Gulf source
Trump invites oil executives to discuss help for ailing industry amid price war
First US shale oil company files for bankruptcy amid coronavirus, price war
-
Saudi Arabia supports cooperation among oil producers: Senior Gulf source
Saudi Arabia supports cooperation between oil producers to stabilize the oil market but Russia's opposition to a proposal last month to deepen oil ... Energy -
Trump invites oil executives to discuss help for ailing industry amid price war
US President Donald Trump has invited oil executives to the White House to discuss potential aid for the industry as the coronavirus pandemic spurs a ... Energy -
First US shale oil company files for bankruptcy amid coronavirus, price war
Whiting Petroleum Corporation, a Denver-based shale oil firm, said it was filing for Chapter 11 bankruptcy due to the “severe downturn in oil and gas ... Energy