Russian Energy Minister Alexander Novak is scheduled to meet his Saudi Arabian counterpart Khalid al-Falih this weekend to discuss coordination of possible actions on the global oil market. Novak was on the wires earlier stating that oil output freeze is needed and that he would put forth some proposals during his meeting with Falih this weekend.

Russia has expressed interest in the past in collaborating with OPEC in a production cut. Without Russia’s participation, OPEC’s plan to cut production by 200,000 to 700,000 barrels a day could be in jeopardy.

Latest comments from the Russian oil minister Novak were cheered by oil markets. Oil markets attempting to recover from huge sell-off seen on Thursday. China on Thursday reported another jump in the country’s diesel and gasoline exports, refueling supply glut concerns.

That said, broad based US dollar strength after final Presidential debate yesterday could limit gains in black gold. WTI oil extending gains as we write, was trading at 50.80 at around 09:50 GMT, up from lows of 50.31 on the day.