The two ministers met Tuesday in Doha to discuss the global oil market glut which has sent prices spiraling downward over the recent past.
The oil ministers of Venezuela and Qatar also attended the talks, a Qatari official told reporters.
Crude prices rose earlier in the day, with Brent breaking past $34 a barrel on expectations that the two countries will discuss the global oversupply issue.
At around 0600 GMT, European benchmark Brent crude for April delivery was trading $1.30, or 3.89 percent, higher at $34.69.
Its US counterpart West Texas Intermediate for March delivery was up $1.30, or 4.42 percent, at $30.74 compared to its Friday close. There was no settlement in the New York Mercantile Exchange on Monday due to a US public holiday.
Oil prices have been depressed since last peaking in mid-2014, due to oversupply, sluggish demand and slowing economies. They are currently down about 70 percent from June 2014 levels.
Bloomberg News said earlierthat Saudi Arabia's oil minister was expected to speak privately with his Russian counterpart in Doha.
The agenda for Tuesday's meeting was unclear, and sources declined to provide further details on it.
The news hasbeen seen as apushfor the oil market, which has also been buffeted by weak demand and a strong dollar.
Saudi Arabia has insisted that it will not cut production to tackle theglobal glut unless major producers outside the 13-nation Organization of Petroleum Exporting Countries (OPEC)-- including Russia -- play along.
Prices last week touched a near 13-year low but sprang back more than 10 percent Friday as rumors of the talks emerged.
[caption id="" align="aligncenter" width="555"]
Investors look at screens showing stock market movements at a securities company in Beijing on January 7, 2016. (AFP)[/caption]Markets Rebound
The oil rise also boosted stock and share values on Tuesday, withAsian markets extendingtheir rally amidhopes thatmajor oil exporters could agree on action to ease the supply surplus, and authorities wouldstep in to enhancegrowth in major economies.
Gains on European markets furthergave investors confidence to buy again as Shanghai surged more than three percent on speculation that China is preparing stimulus measures to augmentthe world's number two economy.
By Press TV
