Russia, Saudi Arabia agree oil prices do not need to be raised

Russia and Saudi Arabia agree that there is no need to artificially raise prices for oil, Energy Minister Alexander Novak told reporters.

"In the course of meetings we have established contact. We agree that there is no need to artificially reduce oil production in order to raise prices," Novak said according to Interfax News Agency on Friday.

In addition, he said, both countries agree on the forecast that oil prices will be around $60-$65 per barrel in the medium term.

Novak held a meeting with his Saudi counterpart at the St. Petersburg International Economic Forum in June at which they agreed to resume the work of a joint intergovernmental commission.