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Russian Deputy Prime Minister Alexander Novak said on Tuesday there was no need for immediate action from the OPEC+ group of leading oil producers, as oil prices were rising and the market was balancing out, RIA news agency reported.
Asked if there were discussions at OPEC+ about additional measures to stabilise the oil market, Novak said: "Now the price is rising somewhat, the situation is more or less balanced. We will monitor this, it's wrong to say that decisions need to be taken."
Saudi Arabia and Russia, the world's two biggest oil exporters, called in December for all OPEC+ members to join an agreement on output cuts after a fractious meeting of the producers' club.
OPEC and its allies, led by Russia, had agreed in late November on voluntary cuts of about 2.2 million bpd lasting throughout the first quarter.
Novak said on Sunday that Russia would deepen export cuts in December, earlier than promised, by potentially 50,000 barrels per day (bpd) or more as the world's biggest exporters try to support the global oil price.
Russia's exports have been restricted this month by continuous bad weather in the Black Sea and maintenance at the port of Primorsk on the Baltic Sea.
Oil prices steadied on Tuesday as investors considered the potential impact on oil supply from attacks by Yemen's Iran-aligned Houthi militants against ships in the Red Sea, which have disrupted maritime trade and forced companies to reroute vessels.
Benchmark Brent crude was trading at around $77.86 per barrel, still below levels around $83 per barrel in late November when the OPEC+ meeting took place. Some market participants had expected deeper cuts.
(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; Editing by Kevin Liffey)