Dmitriev, a Russian diplomat, says that Saudi Arabia, the US and Russia could work together to stabilize oil markets

Kirill Dmitriev, Russia's Investment Envoy, said that the United States, Saudi Arabia, and Russia could work together to stabilize oil markets, if necessary.

Oil prices

Surge

Investors were frightened by fears that a wider conflict in the Middle East could disrupt crude supply.

Dmitriev said that there is precedent for a similar joint action to be taken in 2020.

Dmitriev, speaking on the sidelines at the St Petersburg International Economic Forum, said: "There is an example where (Russian President) Putin and (U.S. President) Trump played a crucial role in stabilising the markets."

It is too early to discuss concrete joint actions, but such an action is possible based on a precedent.

As oil prices plunged amid the COVID-19 Pandemic in the spring of 2020. Trump

A deal was brokered

Top crude producers Russia, Saudi Arabia and Iran to reduce output and calm markets.

The events in the Middle East are creating conditions for an increase in oil prices. Dmitriev stated that the dynamics of these events would determine how dramatic a rise this will be.

He said that the dynamics of these increases sharply reduced the possibility of additional restrictions on Russia's Energy Sector. This was in reference to European Union discussions on tightening of sanctions against Moscow. (Reporting and writing by Gleb Brynski; editing by Mark Trevelyan).

(source: Reuters)