Russia has no plans to increase oil output: Energy Minister - Reuters

Russia has no plans to increase oil output: Energy Minister - Reuters:

Russia has no plans to crank up its oil output because the market is already oversupplied, even though a deal with OPEC to curb production has expired, Energy Minister Alexander Novak told Reuters on Thursday.

Data from the ministry released on Thursday by Interfax also showed that Russian oil production was 11.29 million barrels per day (bpd) in March, unchanged from a month earlier.

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

However, prices 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 battle for market share.