Russia’s investment envoy Kirill Dmitriev said Thursday that Moscow, Washington, and Riyadh could act together to stabilize global oil markets if needed, pointing to a precedent set in 2020 when coordinated efforts helped contain a market collapse.
“There was an example when President Putin, President Trump, and Crown Prince Mohammed bin Salman played a key role in stabilizing markets,” Dmitriev told Reuters at the St. Petersburg International Economic Forum. He added that while it’s “early to talk about concrete joint action yet,” the prior collaboration shows such coordination is “possible.”
Oil prices spiked following Israeli strikes on Iranian nuclear sites in Natanz and Arak, fueling concerns of a wider regional conflict that could disrupt crude supplies.
In 2020, amid a historic price crash during the COVID-19 pandemic, President Trump brokered a deal with Russia and Saudi Arabia to cut oil production and calm markets—an effort Dmitriev now sees as a potential model if instability grows.
Dmitriev also said developments in the Middle East were driving current price surges and could influence how sharply prices rise. He noted that such increases “sharply reduce the possibility of further restrictions on Russia’s energy sector,” as the EU continues debating additional sanctions.
