Russia, the United States and Saudi Arabia could act jointly to stabilize oil markets if needed, Russia’s leader, Dmitryv, told Reuters.

Oil prices were fired on Thursday, following Israel’s announcement that it had attacked Iranian nuclear facilities in Natanz and Arak at night and as investors face fears of a wider conflict in the Middle East that could disrupt the supply.

Joint action

Dmitryev, head of Russia’s state investment fund, said there was a precedent for similar joint action in 2020.
“There was an example where (Russian) President Putin, (American) President Trump and (Saudi) Prince Mohammed bin Salman played a decisive role in stabilizing markets,” Dmitryfi said in the Economist.

“It is too early to talk about a specific joint action, but based on a previous previous one, such action is possible,” he added.

In the spring of 2020, as oil prices fell sharply in the midst of the Covid-19 pandemic, Trump mediated an agreement with the leading crude oil producers, Russia and Saudi Arabia, to reduce production to restore calm to markets.

“Events in the Middle East create conditions for increases in oil prices. The dynamics of these events will determine how dramatic this rise will be, “Dmitryev said.

“The dynamics of such increases sharply reduces the possibility of further restrictions in the Russian energy sector,” he said, referring to European Union discussions on the tightening of sanctions against Moscow.