In a secret meeting in Doha, the two countries agreed to freeze production at January levels. The freeze immediately caused a blip in oil prices, according to Reuters, but the agreement might not make much difference in overall output. First off, January was a record month for oil - it doesn't take much restraint to maintain that level. And neither Iran nor Iraq have agreed to the same restrictions. With Iran ready to ramp up production now that its oil export sanctions are lifted, the overall supply could hold crude prices down.
As we mentioned, the voices in our heads at Autoblog say two-dollar gas is too good to be true. With that mildly-paranoid mindset, we see the Russia and Saudi Arabia negotiations as a historic precedent. And now that those two countries agree - the top two oil-producing nations - it's possible that future talks could result in production cutbacks meant to drive up prices.