Alhurra

  In Alhurra

After American pressure .. Moscow announces the proximity of the oil agreement with Riyadh

Kirill Dmitriyev, CEO of the Russian Sovereign Wealth Fund, said that Moscow and Riyadh are “very close” to an oil deal that brings important stability to the market.

On Monday , CNBC quoted Dmitriev as saying that “Russia is working closely with the US authorities to involve American producers in reducing production.”

Last Thursday, Saudi Arabia announced an urgent meeting of the (OPEC +) alliance and other producers, to be held next Thursday “by default” via video.

“I think the whole market understands that this agreement is important and will bring a lot of stability … and we are very close,” the Russian official added.

He continued: “I think that Russia, Saudi Arabia, the United States and other countries, which need to intervene to achieve stability in the markets and in the world, are about to see probably the largest recession ever.”

This rapprochement comes, after American pressure, following statements by President Donald Trump, who confirmed that Washington “will intervene at the appropriate time if the two sides do not agree, because it will harm us (the United States) in the end.”

And on Sunday, the Kremlin said, Russia wants constructive negotiations in the global oil market, to achieve the interests of both producers and consumers, to add stability to the energy market.

Projections indicate that (OPEC +) and other producers around the world will work to reach an agreement to reduce oil production equivalent to about 10 percent of global supply, or 10 million barrels per day. Source