"Probably, in the short term, we will be able to increase [oil output] by 500,000 [barrels per day]," Novak told reporters.
He added that the rate of increase in production will depend on the companies.
"This primarily depends on the investment decisions of the companies themselves, on the market, on production plans and so on. These are technical issues," the minister said.
This comes amid the latest turmoil on global oil market following drone attacks on Saudi Aramco oil facilities on 14 September. The incident partially disrupted more than 50% of Saudi Arabia's oil production and sent oil prices to their highest level in about four months.