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Russia says the oil supply situation has improved but not yet at a 'full recovery'

Key Points
  • OPEC, Russia and several other allied producers have spearheaded an ongoing effort to try to clear a global supply overhang and prop up prices.
  • The agreement, which came into effect in January 2017, has already been extended through until the end of this year.
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Market data key to the future of the OPEC deal: Russia's Novak

The supply-cutting deal led by OPEC has not yet completed its mission to rebalance the oil market, Russian Energy Minister Alexander Novak told CNBC Friday.

The agreement was initially brought forward to boost oil prices after years of stalled levels. Oil producing countries are set to meet in June to review the deal.

Novak acknowledged that their agreement has worked, but there's still more to be done.

"Undoubtedly, the situation is much better than it was three months, half a year or a year ago, but the patient has not yet fully recovered," Novak told CNBC's Steve Sedgwick in Jeddah.

"To continue with the metaphor: we have brought the temperature down but we have not seen a full recovery yet," he added.

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Russia energy minister says no rush to exit OPEC deal

OPEC, Russia and several other allied producers have spearheaded an ongoing effort to try to clear a global supply overhang and prop up prices. The agreement, which came into effect in January 2017, has already been extended through until the end of this year.

When asked if Russia and other oil suppliers in the deal might jump off before the expected end-date, Novak repeated that such a decision would need more market data.

"I cannot at the moment give you a precise answer because we do not have the full idea how the market is going to perform in the forthcoming months. We need to carry on monitoring the situation," Novak said. 

"I cannot tell unequivocally: yes or no, this would be too blunt," he said. "We keep our options open in order to be able to take a more balanced decision based on more accurate data over a longer-term period."

Earlier on Friday, the Saudi Arabian Energy Minister, Khalid al-Falih, told CNBC that it's not mission accomplished yet for the oil producers.

  "We have to be patient. We shouldn't jump the gun, we shouldn't be complacent and listen to some of the noise such as 'mission accomplished.' I think we still have work ahead of us," he said.

The next key date is June, when ministers reconvene to asses the path forward for the oil deal. 

-- CNBC's Sam Meredith contributed to this report.