"We are not going to raise prices indefinitely, because it reflects badly on manufacturers, it reflects badly on consumers. But we want to achieve stability. We have been able to do this so far," Putin was quoted as saying.

The point of OPEC+ was to "regulate prices on the market", he said, Reuters quoted Interfax as reporting.

OPEC+ members agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.