Russia is still studying proposed deeper oil output cuts by the Opec+ grouping of top producers prompted by the new coronavirus outbreak in China, Energy Minister Alexander Novak said on Tuesday.
A technical panel that advises the Organization of Petroleum Exporting Countries (Opec)) and its allies led by Russia has proposed a further cut of 600,000 barrels per day (bpd), three sources told Reuters last week.
That is about 0.6 per cent of global supply and would increase Opec+ cuts to 2.3 million bpd.
Novak said Russia was watching the impact of the coronavirus outbreak on global energy markets closely.
"The situation remains extremely uncertain," he said in a statement.
"Currently, Russia is closely studying the recommendation of the technical committee in order to evaluate the situation and find a weighted approach based on the market's interest on the whole."
His comments echoed ones he made last week.
Russia's delay in delivering its official stance has frustrated some Opec members. Opec+ producers are scheduled to meet in Vienna on March 5-6 to consider policy. Their current cuts expire in March.
There has been some discussion about bringing that meeting forward depending on how the coronavirus outbreak affects oil prices.
There has been some discussion about bringing that meeting forward depending on how the coronavirus outbreak affects oil prices.
Prices rose around 1 per cent on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the coronavirus as deaths from the outbreak rose above 1,000 in China.
Russia has also yet to reach an agreement on oil deliveries for this year with Belarus.
