"The problem [of declining oil prices] is global. Artificial methods will not help solve it. Today, OPEC is not the structure regulating this market," Novak told reporters, answering a question on whether OPEC and Russia should work jointly to raise oil prices.
"With an artificial increase in prices, the production of [US] shale oil will be even greater, and this oil will get a larger market share," he added.
Oversupply of oil products and low demand have caused the price of oil to drop to just one third of the prices seen in the summer of 2014, when the price of Brent crude stood at about $115 per barrel. Current oil prices are hovering around $35 per barrel.
On Wednesday, a report by Saxo Bank said that oil prices could increase to up to $100 per barrel in 2016 due to OPEC members' actions.
