Brent crude rose $1.30, or 4.1 percent, to settle at $33.10 a barrel, after touching a session high of $33.49.
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Crude oil prices are surging after a report that indicates OPEC may soon discuss an output cut.
Oil exporters are talking about coordination because the current price is “unacceptable” for justify spending on exploration and field development, Trutnev said.
RIA news agency also cited Transneft Chief Executive Nikolai Tokarev as saying a meeting at the Russian Energy Ministry had discussed possible talks with Saudi Arabia on oil.
Saudi Arabian officials did not immediately comment on the proposal but a senior Gulf OPEC delegate said: “Gulf OPEC countries and Saudi Arabia are willing to cooperate for any action to stabilize the global oil market”.
Deputy Prime Minister Yury Trutnev told President Vladimir Putin on Wednesday that there was a series of meetings with other governments last week on the issue of oil prices during the World Economic Forum in Davos, Switzerland.
Market attention was also focused on the results of the two-day U.S. Federal Reserve policy meeting that ends later on Wednesday.
Energy Minister Alexander Novak and the heads of Russia’s biggest oil companies discussed the possibility of working with OPEC.
Oil prices have fallen from around $US115 in the middle of 2014, causing problems for Russia’s cash-strapped budget and pushing the Russian economy into recession.
If discussions with OPEC begin in earnest, that would be a major reversal in Russia’s stance. That inventory surge helped fuel the rally instead of fanning worries about excess supply, amid relief it fell short of an 11.5 million-barrel build reported by the American Petroleum Institute late Tuesday.
OPEC, which collectively accounts for a third of global output, failed to agree any cuts at a meeting in December, with the Saudis apparently determined to maintain their market share and drive out high-cost producers in the United States.
“The positive sentiment stemmed from strong US corporate earnings and talk of OPEC and Russian Federation considering production cuts”.
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In Russia, the rouble hit an all-time low, street protests have flared in Azerbaijan and investors are concerned about a potential debt default by OPEC member Venezuela.
