Russian Energy Minister Alexander Novak said there were different options available for OPEC and its oil-producing allies in the second half of 2019, including a possible raising of output.

The OPEC+ alliance held a ministerial monitoring committee meeting, known as the JMMC, on Sunday in the Saudi Arabian city of Jeddah. The producers agreed to continue monitoring the oil market and are set to meet again in late June to review their oil supply cut agreement.

"As far as our joint plan of action for the second half of the year. We are supportive of continuing our cooperation with our colleagues from other countries," Novak told CNBC's Dan Murphy in Jeddah, according to a translation.

"But this continuation could depend to various extents on how the situation unfolds by this time and what the forecasts for supply and demand will be on the market. If it turns out that there will be a shortfall in the market then we will be prepared to examine options linked with a possible increase in production," he said Sunday.

His comments come five months into a fresh round of production cuts from OPEC+. The deal is designed to stop inventories building up and weakening prices. Russia has been vocal about raising production while OPEC's de-facto leader, Saudi Arabia, has been wary of a possible price crash that an output increase could cause. The output cuts have helped oil prices to rise more than 30% so far this year.