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Russia's RDIF: New OPEC+ deal possible to address demand if others join

Reuters | Moscow | Updated: 27-03-2020 12:51 IST | Created: 27-03-2020 11:37 IST
Russia's RDIF: New OPEC+ deal possible to address demand if others join
Representative image Image Credit: ANI

Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), believes a new OPEC+ deal to balance oil markets might be possible if other nations joined it and that countries should cooperate to mitigate the economic fallout from coronavirus. "Joint actions by countries are needed to restore the(global) economy... They (joint actions) are also possible in OPEC+ (a group of the Organization of Petroleum Exporting Countries and non-OPEC members) deal's framework," Dmitriev told Reuters in a phone interview.

Russia is a leading non-OPEC member and Saudi Arabia is a key OPEC+ player. A deal between OPEC+ and other oil-producing nations to curb production to support prices fell apart earlier this month after a failure to agree on how to address falling oil demand hit by a coronavirus, sending global oil prices into a tailspin. Dmitriev was one of the Russian masterminds of the original production cuts deals with OPEC.

"We are in contact with Saudi Arabia and a number of other countries. Based on these contacts we see that if the number of OPEC+ members will increase and other countries will join there is a possibility of a joint agreement to balance oil markets," he said. Dmitriev declined to say who the new deal's members should or could be.

U.S. President Donald Trump said last week he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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