"We are happy with the current levels," Alexander Novak said in an interview with CNBC on Thursday that the degree of commitment to cut production is close to 100 percent.
He said he believed it was likely to be the first time that OPEC had succeeded in reaching high levels of commitment to the agreement.
Novak said that although there is still supply, the agreement is continuing to be implemented, noting that participants in cutting production will contribute to reducing supplies.
The Russian president hinted yesterday that his country may agree to extend the agreement to reduce oil production until the end of 2018, with the final decision before the end of the current agreement scheduled for next March.
He added that the decision to extend the OPEC agreement will depend on the results in March 2018, saying: It does not rule out extension, at least until the end of 2018.
The price of Brent crude is now near $ 56 a barrel, while the price of Nymex crude is above $ 50.