According to Business Insider, Russian oil mining companies' action will be the main factor in the oil market of the world. Postfactum is to affect to the price of oil, then black gold's cost begin to move up, RIA reports.

"Coordinated reduction of oil export volume from members of OPEC, in particular, Saudi Arabia and the countries which are not members of international oil exporting countries organization as like Russia and Kazakhstan would become a strong support for the oil price," Helima Croft, head of department of raw materials of RBC Capital Markets, told.

The negotiations between Moscow and Riyadh on the reduction of oil export started when Russian president Vladimir Putin met with Muhammad bin Salman, crown prince and the Minister of Defence of Saudi Arabia. During that meeting, officials signed an agreement on $10 billion investment project to Russia. Moreover, Saudi leaders are interested in buying Russian arms, according to Business Insider.

Prices of oil jumped up almost for 8% after Alexander Novak, the Russian Minister of Energy, declared possibility of negotiations on reduction of oil export at the level up to 5% from each of the oil mining countries at the meeting of OPEC with the producers.

"Anyway, there are no guarantees of that Moscow and Riyadh, by all means, will start reducing production soon, supposing that the relations of Russia and OPEC not always ended smoothly. Nevertheless, many experts say that Russia is the big player on whom world's attention is directed now," concluded Business Insider.

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