Russia signals possible joint action with US and Saudi to stabilize oil markets

Russia, the United States, and Saudi Arabia could potentially coordinate efforts to stabilize global oil markets if necessary, according to Kirill Dmitriev, head of Russia’s sovereign wealth fund and the country’s investment envoy.

Speaking to Reuters during the St. Petersburg International Economic Forum, Dmitriev noted the precedent for such cooperation, citing the 2020 agreement brokered by then-U.S. President Donald Trump, Russian President Vladimir Putin, and Saudi Crown Prince Mohammed bin Salman. That deal, made during the early stages of the COVID-19 pandemic, helped curb plummeting oil prices by facilitating coordinated production cuts.

While Dmitriev emphasized that it is “too early” to discuss concrete steps, he said the possibility remains open given the current volatility in global energy markets.

Oil prices surged on Thursday after Israel launched strikes on Iranian nuclear facilities in Natanz and Arak, fueling fears of a wider Middle East conflict that could disrupt crude supply chains.

“The unfolding events in the Middle East are pushing oil prices upward,” Dmitriev said. “The scale of this increase will depend on how the situation evolves.”

He also noted that rising oil prices may reduce the likelihood of the European Union imposing further sanctions on Russia’s energy sector.