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Russia has no plans to raise oil production - Novak

FILE PHOTO: Russian Energy Minister Alexander Novak arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger

MOSCOW (Reuters) - Russia has no plans to increase its oil output as the market has been oversupplied, Russian Energy Minister Alexander Novak told Reuters on Thursday.

International crude prices LCOc1 have fallen around 50% to under $26 a barrel since the Organization of the Petroleum Exporting Countries and other large oil producers led by Russia failed last month to agree to extend their deal to curb output.

However, they jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement soon to end their oil price war. [O/R]

Novak said Russia has not yet discussed the oil market situation with Saudi Arabia, but does not rule this out.

Reporting by Vladimir Soldatkin; Editing by Jan Harvey

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