Novak: oil producers to keep monitoring prices for now

Russia's Energy Minister Alexander Novak said that oil producers who agreed a deal on cutting production will continue to monitor prices, indicating he does believe an emergency meeting between OPEC and other oil producers is necessary.

"I believe that we should monitor, the end of the year is not indicative," the minister said, when asked to comment on falling oil prices and the possibility of an extraordinary meeting between the OPEC and other oil producers.

Oil prices are down more than 30% from their peak in October on concerns oil demand will drop because of a slowing global economy and signs of a supply glut, Reuters reported.