She alluded to America .. Russia requires entry to stop the oil price war

Russian officials have not ruled out an agreement to stop the oil price war in global markets, but they stressed the importance of other producers entering the "OPEC Plus" grouping, hinting at the United States of America.

The head of the Russian direct investment fund, Kirill Dimitriev, announced that a new OPEC Plus agreement to balance oil markets may be possible if other countries joined it, adding that these countries should also cooperate to reduce the economic impact of the Corona virus.

An agreement to limit oil production to support prices between the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and other producers led by Russia collapsed earlier this month, prompting global oil prices to collapse.

"There is a need for joint moves by countries to reform the (global) economy," said Dimitriev, head of the Russian sovereign wealth fund - to Reuters. "These (joint movements) are also possible within the framework of the OPEC Plus agreement."

Dmitriyev and Energy Minister Alexander Novak were Russia's chief negotiator in the oil cuts agreement with OPEC, and the current agreement expires on March 31.

"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 Plus increases and other countries join, then it is possible to reach a joint agreement to achieve balance in the oil markets," Dimitriev added.

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

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

Project independence
Dmitriyev also announced that the Russian Wealth Fund continues to work with Saudi Arabia, and an agreement was reached on the independence of investment projects on the situation in the energy sector.

"We continue communication and continue to work on all projects, and we hope that a compromise will be reached at some point. We agreed with our Saudi counterparts that investment projects are continuing regardless of developments in the energy sector," Dmitriyev told Russia's Sputnik news agency.

Dmitriyev emphasized that there is no escape from a global financial crisis, as the ratio of global debt compared to global GDP increased to 323% so far, while it was 230% during the previous financial crisis period in 2008, and he said that the virus sparked this crisis only.

"The current time is more important than ever ... We will make every effort on our part and we hope that the United States realizes the importance of this," according to Reuters.

But Pavel Sorokin, Russian Deputy Energy Minister, was clear when he said today that OPEC and the rest of the countries - in what is known as the OPEC Plus group - are still in contact, stressing that OPEC Plus cannot reduce oil production alone, and hinted that the United States should join the cuts. .

Pavel Sorokin added that the drop in oil supplies may lead to a balance in the global market within a year or so, while observing the demand that was affected by the Corona virus pandemic.

Earlier this month, Sorokin told Reuters he expected to see the first indication of low oil production in high-cost projects around the world in four to six months.

He added that oil production in the United States - the largest producer in the world - may drop 1.5 million barrels per day this year, with an oil price ranging between 30 and 35 dollars a barrel.

Sorokin said that when Russian oil producers make a decision on whether they need to increase production, they will consider whether the move is economically feasible.