"There is no need for Russia to cut its oil output," Russian Deputy Prime Minister Alexander Novak told RBC media on Thursday.

"OPEC+ role is on the rise due to uncertainties with demand and supply in China, Iran, Libya and Venezuela," Novak added. "We don't have plans to switch to an oil-for-roubles scheme."

Market reaction

Crude oil prices edged slightly lower following these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $115.15, where it was down 0.6% on a daily basis.