Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.
Saudi energy minister Khalid al-Falih told a conference in Russian Federation last Friday members of Opec, along with a number of other producers led by Russian Federation, known collectively as Opec+, should extend oil production cuts, CNBC reported.
While the cessation of trade hostilities between Mexico and the U.S. gave oil a small bid, the ongoing clash between the United States and China will begin to ramp up in the next couple of weeks when additional tariffs will be introduced by the US.More news: Trump renews Mexico tariff threat amid row over migration deal
The Organization of the Petroleum Exporting Countries (OPEC) and some non-members, including Russian Federation, known collectively as "OPEC+", have withheld supplies since the start of the year to prop up prices.
Yet, Russian energy minister Alexander Novak said there is a still a risk that oil producers pump out too much crude and prices fall sharply.
Al-Falih said he may have another opportunity to talk to Novak at a G20 meeting in Japan beforehand.
Supply has also been limited by USA sanctions on oil exports from Venezuela and Iran.More news: Kawhi Leonard sues Nike over 'Klaw' logo ownership
On the demand side, analysts expect fuel consumption growth to stutter along with the global economy.
China's crude oil imports slipped to around 40.23 million tonnes (9.47 million barrels per day), down from an all-time peak of 43.73 million tonnes in April, customs data showed on Monday, as the world's top importer of the commodity curbed shipments from Iran amid tighter U.S. sanctions.
"Over the past week or so, our economists have revised down their GDP growth outlook for the US, China, India and Brazil", Barclays bank said on Monday in a note about the economy and its impact on oil demand.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.More news: Trump calls John Dean a 'sleazebag' ahead of testimony
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