International benchmark Brent crude and U.S. West Texas Intermediate (WTI) both jumped earlier this week to levels last seen in November 2014, as oil traders await U.S. sanctions against Iran's oil imports.
"Russia is not really interested in incredibly high oil prices, we actually feel that the current level is even (too) high and maybe should be a little bit lower," Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF) told CNBC's Geoff Cutmore in Moscow on Wednesday.
"Cooperation with OPEC is not only an agreement to increase prices, it is an agreement to stabilize prices. So, if prices become too high then both Saudi Arabia and us have the capability and capacity to increase production," Dmitriev said.
Brent crude traded at around $85.30 on Wednesday, up around 0.6 percent, while U.S. West Texas Intermediate (WTI) stood at around $75.55, more than 0.4 percent higher.
Both Brent and WTI contracts have soared by around 20 percent and 17 percent respectively since mid-August.