Russia, the United States, and Saudi Arabia are capable of coordinating efforts to stabilize oil markets if necessary, Kirill Dmitriev, Russia’s Special Presidential Representative for Investment and Economic Cooperation with Foreign Countries and CEO of the Russian Direct Investment Fund (RDIF), told Reuters.
As is reported, oil prices continue to rise amid the Middle East conflict, which could disrupt global oil supplies.
In these circumstances, Kirill Dmitriev recalled that in 2020, there was already a precedent for joint action by the three countries to avert a crisis.
“There was an instance when President Putin, President Trump, and Crown Prince Mohammed bin Salman played a key role in stabilizing the markets,” the RDIF CEO said on the sidelines of the St. Petersburg International Economic Forum (SPIEF). “It is too early to discuss specific joint measures, but based on the earlier precedent, such actions are possible.”
In the spring of 2020, when oil prices plummeted due to the COVID-19 pandemic, Donald Trump brokered a deal with major oil producers, Russia and Saudi Arabia, to cut production and stabilize the market.