Russia is growing concerned of a scenario that could see crude oil prices drop to as low as $30 a barrel if the output cut deal, sponsored by the Organization of the Petroleum Exporting Countries (OPEC), is not extended, according to Russian Energy Minister Alexander Novak, Reuters reported.

If Russia and other major producers raise their production this could imbalance the market and lead to an oversupply. Novak believes that Moscow has to closely monitor the oil market in order to take a suitable decision in July.

Saudi Energy Minister Khalid Al-Falih was in talks with his Russian counterpart to take the needed steps to avoid a severe decline in oil prices.

Al-Falih said earlier that OPEC and other producers are nearing an agreement to extend the production cut agreement, as they plan to meet on June 25-26 to decide on the future of the deal.