Russian and Saudi oil ministers to meet in Doha

The energy ministers of Russia and Saudi Arabia were set to meet on Tuesday in Doha, Qatar to discuss the situation in oil markets, Bloomberg reported citing a person familiar with the talks.

Venezuela's oil minister was also expected attend.

No details were available regarding the content of the agenda, although a proposal from Venezuela to freeze or otherwise curtail production at current levels was thought likely to be broached.

Nevertheless, in the recent past Saudi Arabia had repeatedly indicated that it would not contemplate any reduction in its oil output if all other producers did not do the same.

To take note of, last week Igor Sechin, the chief of Russia's largest oil producer, Rosneft, expressed doubts over the likelihood of co-ordinated production cuts, adding that he would defend traditional markets.

Some analysts believed Sechin was one of the critical persons to watch for insights into Russian prime minister Vladimir putin's thinking.

As of 08:15 GMT front-month Brent crude oil futures were trading 5.65% higher to $35.39 per barrel on the ICE in reaction to the news.