The comments made by Russian President Vladimir Putin are the clearest signal yet from Russia, a global leader in oil production, that it is ready to continue with unprecedented output cuts in the face of a sluggish oil market.
Oil demand is down 13% as a result of the pandemic.
The Iraqi oil minister said he expects Iraq will raise its oil production capacity to 7 million bbl/d in the next five to six years, from around 5 million bbl/d now.
A second government source said Russia, for now, would not disclose its plans on whether to continue with the current oil output cuts in order to prevent an overreaction in the market.
Additionally, Saudi Arabia's crude oil output rose by 500,000 bbl/d to 8.98 million bbl/d in August, official figures showed.
OPEC and allied producers on Oct. 19 pledged action to support the oil market as concerns mounted that a second wave of the COVID-19 pandemic will hobble demand.
Global oil participants saw contradicting messages last week from OPEC and Russia with regards to their approach for rebalancing markets, reminiscent of what happened in early March, Stratas Advisors says in its latest oil price forecast.
Many producers believe global oil demand will never return to pre-crisis levels.