Russia is committed to cuts of 300,000 barrels per day by the end of April, he added.

Novak said he expects global oil stockpiles to decrease in the second quarter of this year.

Iraqi Oil Minister Jabar Ali al-Luaibi said Iraq had cut its exports by 187,000 bpd so far and its cuts would reach 210,000 bpd in a few days.

Copyright Reuters, 2017