Russian Deputy Prime Minister Alexander Novak denied on Monday a report claiming the Organization of the Petroleum Exporting Countries and its partners (OPEC+) are considering delaying ending oil output cuts. OPEC+ agreed in December to extend voluntary production cuts by 2.2 million barrels per day until the end of March.

Bloomberg reported earlier today that one delegate from the organization said global markets are "too fragile" to increase production. However, Novak confirmed the idea is not currently under consideration.