The minister was keen to point out, however, that Russia had no interest in driving U.S. shale producers out of business.
"Definitely, no one has such goals because it is all market competition, and in fact, there are a lot of countries in the world extracting and exporting oil – countries that used to import oil now have domestic production, so buy less from the market."
"I want to stress again that Russia does not exert pressure on the market with any additional supply on its part."
Novak's comments come amid speculation that Russia and OPEC could meet to discuss co-operating on lowering production. Russia and Saudi Arabia, the de facto leader of OPEC, have met recently to discuss oil prices and plans are afoot to "bring together OPEC and non-OPEC countries" in October, Novak said.
"Doubtless, we (will) speak a lot about the current market situation and the prices and about our projections, but we (will) also talk about output supply and demand. These discussions that have been going on for almost a year now," Novak said.
Novak said that some OPEC members had proposed an initiative to reach greater coordination in terms of adjusting output to balance supply and demand but "as far as the Russian Federation is concerned, we don't think adjustment is an efficient means, because it is purely a short-term measure, and in the future it will result in a greater mis-balance of the oil market," he said.
- Written by Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow us on Twitter: @CNBCWorld