Russia will not cut oil production, Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation, told CNBC Friday.
"For Russia, given the structure of production, it's very difficult to cut supply artificially," he said. "If oil prices will be low enough for a long period of time, supply will go down in (a) natural way, and I think this (is the) most efficient stabilizer for the market."
Russia is a major oil producer and is highly dependent on the proceeds from the sale of oil, the prices of which have roughly halved in value since 2014 as a result of oversupply in global oil markets and concerns about weakening demand. Moscow meanwhile has been keen to keep its production high to defend its market share.
Dvorkovich said that Russia was used to fluctuating oil prices. "Certainly, we are better off with prices more like $80, $90 per barrel, but even with $50 and $60 we can optimize, rationalize budget expenditure and other spending to live normally with those levels."