Earlier in the day, energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha and agreed to freeze oil production level if other countries followed suit. According to the Russian Energy Ministry, the four countries agreed to keep the average oil output throughout 2016 at the level of January.

“We had to increase taxes for oil companies at the moment. Of course, this decreases the investment capital, and from a financial standpoint it will prevent [the companies] from increasing oil production significantly,” Dvorkovich told reporters.

He added that the oil production would be stable, with possibly minimal growth rate.

The global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting the lowest levels since 2003, mostly because of a prolonged global oversupply and low demand.

Since the collapse in oil prices in the first half of January, officials from the Organization of the Petroleum Exporting Countries (OPEC) member states and non-OPEC countries have been considering holding a meeting to address the declining oil prices, which have caused significant financial problems for some countries.