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Russia calls for new enlarged OPEC deal to tackle oil demand collapse




Russia calls for new enlarged OPEC deal to tackle oil demand collapse

  • Update Time : Friday, March 27, 2020
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Russia calls for new enlarged OPEC deal to tackle oil demand collapse
Russia calls for new enlarged OPEC deal to tackle oil demand collapse

MarketDeal24.Com – A fresh OPEC+ deal might still be possible if other nations join in, said Kirill Dmitriev, chief of Russia’s sovereign wealth fund, adding the remark that fellow natons should also co-operate to cushion the economic fallout from the COVID-19 pandemic.

A previous agreement between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia (known as OPEC+), to curb oil output to support crude prices fell apart earlier this month, sending global oil prices into a tailspin.

“Concerted efforts by countries are needed to restore the world economy… These kinds of effort are also feasible in OPEC+ deal’s framework,” Dmitriev, head of the Russian Direct Investment Fund (RDIF), told in an interview.

Dmitriev and the Russian Energy Minister Alexander Novak were Russia’s top negotiators in the production cut deal with OPEC. The current deal expires on March 31.

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