Thanks in large part to resurgent oil prices, the Market Vectors Russia ETF (NYSEArca: RSX) is up more than 14% over the past month. That is enough to say the largest U.S.-listed Russia exchange traded fund is perking up.

Recent price action in RSX is encouraging, particularly when considering market observers widely expect Russia’s worst post-Soviet era recession to extend throughout this year. Onlookers remain cautious over the market outlook. While President Vladimir Putin and other Russian politicians argue that the worst is over, the economy is expected to remain in a recession for the year. Russia’s GDP is expected to contract again this year, extending what is becoming a lengthy recession.

RSX’s rise comes as major oil-producing nations, such as Russia and the Organization of Petroleum Exporting Countries (OPEC), grapple with lowering output or standing pat at current levels.

Several OPEC members and Russia, the largest non-OPEC member, have been mulling production cuts, but without Saudi Arabia taking the lead on that front, oil could still face output issues.

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Qatar, Russia, Saudi Arabia and Venezuela have been in discussions to hold output steady at January levels, but only if other producers followed suit. Russia is the largest non-OPEC producer of oil and natural gas, though the country prefers higher prices even more so than Saudi Arabia.

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