The planned output curbs by OPEC+ amount to 10 million barrels per day.
The ministry predicts an increase in world oil reserves in storages by 11.4 million barrels per day.
Oil supplies from the Russian Federation were resumed a little earlier.
Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting.
A production cut of as much as 10 million barrels per day.
Oil prices in Northwest Europe rose by $3.89 per barrel.
Over the past week, world oil quotations have experienced serious volatility.