Russian Energy Minister Alexander Novak said on Thursday that Moscow and Riyadh have a common position on the future of the oil output-cutting deal, while Russia's Lukoil said the agreement should remain in place but needs to be altered.
Novak, speaking in St. Petersburg at an economic forum that is expected to be attended by Saudi Energy Minister Khalid al-Falih, said: "We have a common position.”
The Saudi-led Organization of the Petroleum Exporting Countries and other large oil producers, notably Russia, have agreed to reduce output by 1.8 million barrels per day (bpd) until the end of the year.
Some oil market participants have expressed concerns about potential oil shortages amid a production decline in Venezuela and after US President Donald Trump announced plans to pull the United States out of a nuclear deal with Iran.
Saudi Arabia has indicated that it could raise its oil output to offset any potential supply deficit.
Novak said on Thursday restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June, the Interfax news agency reported.
Novak said OPEC and non-OPEC countries currently plan to keep in place their deal to cut global oil output, the news agency reported.
OPEC and non-OPEC countries will meet in June in Vienna to discuss their cooperation and the future of the production cut deal.
Vagit Alekperov, head of Russia's No.2 oil company Lukoil, which produces over 1.7 million bpd, said it was time to raise oil production as prices had hit $80 per barrel, a level not seen since late 2014.
"I hope that minister Novak will gather us before the (Vienna) meeting ... the oil price at $80 is already high," Alekperov said.
