"We are always ready to communicate with our colleagues, with ministers from other countries. If they agree within the OPEC that it is essential to provide the preservation of [oil] supply volume and not to increase the production to rebalance the market, we will always be able to join [the deal]. This is our position," Novak told the NTV television channel in an interview.
Oil prices have plunged more than 60 percent from their peak of $110 a barrel in June 2014 amid fears that the global oil production was outpacing the world’s demand.
In February, the energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market situation in Doha and agreed to freeze oil production at January levels if other countries followed suit, in a bid to keep the oil prices from falling further.