"Saudi Arabia has announced it has dropped prices ... It has announced a production increase. We believe this is, perhaps, not the best option in the current conditions. Maintaining production at the first quarter level would be proper. This is the initiative that we have put forward," Novak told reporters.
The Russian Energy Ministry has been holding phone talks with both OPEC and non-OPEC nations following the failure of OPEC+ to agree either to deeper oil output cuts or a deal extension, the minister added.
Earlier in the day, Saudi Aramco, one of the world's largest oil companies, said it had been ordered by the Saudi Energy Ministry to increase its production capacity to 13 million barrels per day from the current 12 million barrels per day.