Russian Deputy Energy Minister Alexei Teksler said on Friday that Russia will cut its oil output if the oil price declines below $40 a barrel.

"If the price falls below $40 per barrel, then we, most likely, would be faced with a production decline," he said.

Teksler noted that oil companies have to adjust their models if oil is persistently below $45 a barrel.

"With a price of $40-$45 per barrel, the companies will revise their models, if the low price persists long term. Previously approved models would stop working efficiently," he said.