Strategies to keep oil prices high by limiting production are usually the preserve of Opec and are often not successful.
However, Russia and Saudi Arabia are the world's two largest oil producers.
The ministers from the two countries will meet again later this month, and again in both October and November.
The agreement to talk about a deal, despite the lack of detail, was welcomed by two other oil producers.
"This dialogue confirms that the main oil producers are watching the oil market... to help achieve stability," said Kuwait's acting oil minister Anas al-Saleh.
The UAE energy minister Suhail al-Mazroui tweeted: "UAE, as an active and responsible member of OPEC will always support any joint efforts which will benefit market stability."