"Saudi Arabia showed initiative, suggested discussing the possibility of lowering [oil production] volumes. In addition, an OPEC meeting will take place in February, in which we will take part," Tokarev told reporters.
According to the Transneft head, Russian oil firm could possibly adjust oil production volumes in the summer. "We will see how this affects the market," he said.
Global oil prices plunged from $115 per barrel to less than $30 per barrel between June 2014 and January 2016, the lowest levels since 2003.
The continued tailspin has been attributed to Saudi Arabia-led OPEC’s unwillingness to cut output in fear of losing market share.
Saudi Foreign Minister Adel Jubeir has denied allegations that Riyadh intentionally drives down oil prices, while Saudi oil executives projected a recovery by the end of 2016.
On Monday, OPEC Secretary General Abdalla Salem Badri urged member states to join efforts with non-member oil producers to stem the global oversupply in order to end the free-fall and enable further investment.