Russian Deputy Prime Minister Alexander Novak announced that Saudi Arabia and Russia will discuss the situation on the oil market and crude oil prices on Wednesday, against the background of the escalation of the Israeli-Palestinian conflict, informs the press agencies, reports Reuters.

Saudi Arabia and Russia are the main global oil exporters. The conflict could affect the oil market, the Russian official said, according to Agerpres.

Oil prices are rising in the context of geopolitical tensions, increasing supply concerns. The price of a barrel of Brent oil in the North Sea rose by more than three dollars after the surprise attack on Israel by the paramilitary organization Hamas on Saturday.

“We will discuss the situation… such global events can influence the situation in one way or another, changing the consumption of energy resources,” Novak said, according to Interfax.

Novak is present at an energy conference in Moscow, which will be attended by President Vladimir Putin and officials from Saudi Arabia and Iraq and representatives of OPEC (Organization of Petroleum Exporting Countries).

This month, Saudi Arabia and Russia announced they would continue voluntary cuts in crude oil production until the end of the year as supply cuts and increased demand support oil prices.

Saudi Arabia is extending its voluntary oil production cut by one million barrels per day (bpd) until the end of the year. Its production in November and December will be approximately nine million bpd, the Ministry of Energy of Saudi Arabia informed.

And Russian Deputy Prime Minister Alexander Novak recently announced that Russia will extend its voluntary decision to cut oil exports by 300,000 barrels per day (bpd) until the end of the year.