Russia, the United States and Saudi Arabia can take joint action to stabilize global oil markets if necessary, said the head of the Russian Direct Investment Fund Kirill Dmitriev in an interview with "Reuters".
The head of the Russian sovereign wealth fund pointed out that oil prices increased on Thursday after Israel's attack on Iranian nuclear facilities in Natanz and Arak. Investors expressed concerns about a possible expanded conflict in the Middle East, which could disrupt crude oil supplies. Dmitriev said that the situation creates conditions for a price increase.
He recalled that in 2020 Russia, the United States and Saudi Arabia have already shown that they can act together to stabilize markets. Then, during the COVID-19 pandemic, the United States and Saudi Arabia agreed to reduce oil production after President Donald Trump mediated between the countries.
"It is early to talk about specific joint actions, but based on earlier precedent, such actions are possible," Dmitriev said at the St. Petersburg International Economic Forum.
He stressed that the dynamics of events in the Middle East would determine whether oil prices would rise significantly. Dmitriev noted that the situation in the region significantly reduces the possibility of new sanctions against Russia's energy sector, which are under discussion in the European Union.