Russia: Trade War with US May Cost Too Much

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As the head of the Russian Direct Investment Fund Kirill Dmitriev noted, Russia should not unleash a trade war with the United States. According to an influential investor, Russia needs to adhere to output cuts even at the risk of losing market share in the short to medium-term.

Let us recall that in 2017, Russia and OPEC jointly cut oil production for the first time. This made it possible to raise oil prices: after the conclusion of the supply agreement, oil was trading between approximately USD $60 and $85 per barrel, which was less than USD $30 per 1 barrel of oil before the pact entered into force.