Oil output cut only possible if all exporters agree, Russian energy minister says

A decision to cut oil output must include all exporting nations and Saudi Arabia had not approached Russia on the subject since November 2015, Russian energy minister Alexander Novak told Bloomberg TV.

Nevertheless, he did not close the door to the possibility of such an agreement.

His remarks initially saw crude oil futures retreat, but by 12:23GMT they were bouncing back slightly and rising by 0.7% to $34.11 per barrel on the ICE.

“We’re ready to discuss the issue of cutting oil output volumes” but not ready for a decision, Novak said.

“We’re ready to consider the possibility; this should be a consensus. If there’s a consensus, it makes sense.”

The Russian Federation might adjust its porjections for oil output to remain unchanged in 2016, Novak also said.

There was no set date for any meeting and the last time that one took place "nothing new happened", he added.