Egypt's EDA, MSD discuss localising biopharma production    Egypt's PM orders 60,000 new homes for Alexandria's unsafe buildings    Crystal Martin to build large-scale textile, apparel factory in Egypt    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Escalation in Gaza as Israeli airstrikes intensify, ceasefire talks stagnate    Agriculture Minister discusses boosting agricultural cooperation with Romania, Moldova    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's gold prices grow on July 13th    CBE's Abdalla attends Arab central bank governors' meeting ahead of Sept summit    Sri Lanka's expat remittances up in June '25    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Russia calls for new enlarged OPEC deal to tackle oil demand collapse
Published in Ahram Online on 27 - 03 - 2020

A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia's sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus.
A pact between the Organization of the Petroleum Exporting Countries and other producers, including Russia (known as OPEC+), to curb oil production to support prices fell apart earlier this month, sending global oil prices into a tailspin.
"Joint actions by countries are needed to restore the(global) economy... They (joint actions) are also possible in OPEC+ deal's framework," Dmitriev, head of the Russian Direct Investment Fund (RDIF), told Reuters in a phone interview.
Dmitriev and the Energy Minister Alexander Novak were Russia's top negotiators in the production cut deal with OPEC. The existing deal expires on March 31.
"We are in contact with Saudi Arabia and a number of other countries. Based on these contacts we see that if the number of OPEC+ members will increase and other countries will join there is a possibility of a joint agreement to balance oil markets."
Dmitriev declined to say who the new deal's members should or could be. U.S. President Donald Trump said last week he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time.
Dmitriev also said that a global economic crisis was inevitable as global debt to the world's gross domestic product had risen to 323% as of now from 230% at a time of the previous economic crisis of 2008. The virus just triggered it, he said.
"Efforts to restore relations between Russia and the United States are now as important as ever, we will take all the efforts our side and hope the United States will also understand that this is necessary," he said.
The fund - the Russian Direct Investment Fund - and its partners have produced 500,000 coronavirus test kits so far, but are planning to increase production to 2.5 million kits a week.
President Vladimir Putin said on Thursday he hoped Russia would defeat coronavirus in 2-3 months, as the total number of infected Russians, including some close to the country's elite, topped 1,000, with four virus-related deaths.
Dmitriev said he believed that Russia should follow examples of South Korea and Hong Kong - which have shown how testing can limit the coronavirus spread.
For now, the fund and its partners are focusing on producing tests for companies which need them to test workers at towns where their big plants are located, so-called single-industry or "monotowns."
Dmitriev said that within a month, test kits for fast and mass public use would be ready, so people could order them at home via taxi and delivery service apps at tech companies Yandex and Mail.Ru. Only a third of all tests will be exported.


Clic here to read the story from its source.