Russian authorities have reiterated their tough stance on potential oil production cuts, aimed at removing excess global supply to avoid another sharp decline in the oil price.

Speaking to state television channel Rossiya 24 at the weekend, Russian presidential spokesman Dmitry Peskov said the country is ready to discuss the proposed cut, but only on condition it is joined by both Saudi Arabia and the US.

Peskov said the size of the reduction should be based on participating countries' level of production before the collapse of the oil price in mid-March following the breakdown in the Opec+ alliance.