Riyadh, March 12 (IANS): Saudi Arabia has denied a media report about reviewing oil prices with a Russia, terming it as "baseless".

On Wednesday, the Ministry of Investment rejected a Wall Street Journal report published on Tuesday which said that Saudi Minister of Investment Khalid Al-Falih had discussed with Russia's Energy Minister Alexander Novak to resolve differences in oil production policies, reports Xinhua news agency.

Fully supporting the efforts being led by Saudi Energy Minister, Al-Falih "is not playing any role in such discussions nor planning on travelling to Moscow", the Ministry asserted.

It highlighted that Al-Falih urged media to avoid publication of any claims that have not been properly corroborated from appropriate and reliable source.

Saudi oil company Saudi Aramco announced on Wednesday that it will raise its maximum sustainable capacity to 13 million barrels per day, following the breakdown of talks between OPEC members and Russia on securing a further oil production cut.