Saudi, Russian oil ministers set to meet in Doha

Saudi Arabia’s oil minister Ali Al Naimi is planning to meet with his Russian counterpart Alexander Novak in Doha on Tuesday, news agencies reported, citing unnamed sources with knowledge of the matter.

OPEC member Venezuela, which has been pushing for an emergency meeting between cartel members and other non-member producers, is also expected to be part of the discussion.

The agenda of the meeting was not clear; however, the talks come amid growing concerns over a supply glut in the global oil market.

Oil prices jumped 4 percent on Tuesday following the news. Brent crude was last trading at $34.70 per barrel (bbl), while West Texas Intermediate (WTI) crude rose to $30.78/bbl.

Saudi Arabia, world’s largest exporter of crude, has in the past insisted that it will not reduce output unless all major producer, including OPEC members Iraq and Iran and non-member Russia, agreed on coordinated cuts.

Novak has previously said that he would consider the possibility of joint action to tackle market oversupply. However, Igor Sechin, the chief executive of Russia’s largest oil company Rosneft last week cast doubt over the likelihood of a consensus among major producers.