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Russia and Saudi 'very close' to oil deal, Moscow negotiator tells CNBC

Published 06/04/2020, 08:46
Updated 06/04/2020, 08:48
© Reuters.
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MOSCOW, April 6 (Reuters) - Saudi Arabia and Russia are
"very, very close" to a deal on oil production cuts, Kirill
Dmitriev, head of Russia's sovereign wealth fund, told CNBC on
Monday.
"I think the whole market understands that this deal is
important and it will bring lots of stability, so much important
stability to the market, and we are very close," Dmitriev, who
is also one of Moscow's top negotiators, told CNBC.
Dmitriev was first to make a public declaration of the need
for an enlarged supply pact, potentially involving producers
outside the OPEC+ group that currently consists of the
Organization of Petroleum Exporting Countries (OPEC) and some
other oil producers led by Moscow.
A previous three-year deal to stabilise oil prices collapsed
a month ago, with Saudi Arabia and Russia blaming each other for
failure to find a compromise at an OPEC+ meeting in Vienna on
March 6.
Saudi Arabia and Russia were initially set to meet on Monday
to discuss output cuts, but that has now been pushed back to
April 9, as oil prices continue to come under pressure.
LCoc1 O/R O/R
G20 energy ministers and members of some other international
organisations will hold a video conference to be hosted by Saudi
Arabia on April 10, a senior Russian source told Reuters on
Monday, as part of the efforts to get the United States involved
in a new deal on production cuts.

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