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Russian Efforts Vital to Mexico, Other OPEC+ Nations Signing Oil Output Cut Deal - RDIF

© REUTERS / Angus MordantFILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. Picture taken November 24, 2019.
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. Picture taken November 24, 2019. - Sputnik International
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MOSCOW (Sputnik) - Russian efforts, which included negotiating with Mexico, were vital to OPEC+ countries signing a new crude oil output cut deal, the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said on Monday.

“Russia absolutely played a key role in the conclusion of this deal. The Russian president personally conducted many telephone conversations. In fact, there were more telephone conversations with the United States and several other countries over the past week than there were in the entirety of last year,” Dmitriev said during an appearance on the Channel One broadcaster.

The RDIF head said that Russian efforts were central to reaching a compromise among the 23 OPEC+ oil-producing nations. He stated that the deal will lead to a stabilization of financial markets and the strengthening of Russia’s economic position.

Earlier in the day, Russian Energy Minister Alexander Novak emphasized President Vladimir Putin’s role in reaching an agreement among the OPEC+ states.

On Sunday, OPEC+ signed a landmark deal that commits member nations to reduce crude oil production by 9.7 million barrels per day from May-June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.

Mexico had earlier rejected the planned agreement, as Energy Minister Rocio Nahle committed to cutting oil by 100,000 barrels daily, rather than the 400,000 barrels per day as stipulated in the deal.

Azerbaijani Energy Ministry spokeswoman Zamina Aliyeva told Sputnik on Sunday that the deal was concluded after the United States committed to reducing output by a further 300,000 barrels per day.

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