"We are in the process of analyzing the current situation, and the decision to extend [the agreement on the reduction of oil production] has not been adopted yet…It's too early to speak about this. We are discussing the issue with companies and with other executive authorities," Novak said in an interview with Rossiya-24 television.
"I think that by the time of our [monitoring committee] meeting in May, we will form our position on the basis of the current situation," the minister added.
In November 2016, the OPEC member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.
The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed cuts.
