A new OPEC + deal is possible to deal with the request if others join via Reuters


© Reuters. The head of the Russian direct investment fund: a new OPEC + agreement is possible to deal with the request if others join

MOSCOW (Reuters) – Kirill Dmitriyev, head of the Russian Direct Investment Fund, said he believed a new OPEC + deal to balance oil markets was possible if other countries joined in it and that those countries should cooperate to reduce the economic impact of the Corona virus.

“There is a need for joint moves by countries to reform the (global) economy. These (joint movements) are also possible within the framework of the OPEC + agreement (a group that includes the Organization of Petroleum Exporting Countries and members outside the organization),” Dmitriyev told Reuters in a telephone interview.

Russia is a prominent member from outside OPEC and Saudi Arabia is a key member of OPEC. An agreement between OPEC and other oil-producing countries to curb production aimed at supporting prices collapsed earlier this month after a failure to agree on how to tackle low oil demand due to the Corona virus, which drove global crude prices down.

Dmitriyev is one of the architects of the original oil cuts agreement with OPEC on the side of Russia.

“We are in contact with Saudi Arabia and a number of other countries. Based on these contacts, we see that if the number of members of OPEC + increases and other countries join, then it is possible to reach a joint agreement to achieve balance in the oil markets,” he added.

Dmitriyev declined to say who should or should be members of the new agreement.

US President Donald Trump said last week that he would intervene in the price war between Saudi Arabia and Russia at the appropriate time.

(Prepared by Moataz Mohamed for the Arabic Bulletin).

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