An imminent agreement between Saudi Arabia and Russia to reduce oil production

According to Reuters, Kirill Dmitriyev, head of the Russian Investment Fund, told CNBC: "I think the whole market understands that this agreement is important and will bring a great deal of stability, which is very important stability for the market, and we are very close.

Dmitriyev was the first to speak publicly about the need for a broader supply agreement, which could include non-OPEC + producers that currently consist of members of the Organization of the Petroleum Exporting Countries (OPEC) and some producers from outside it led by Russia.

A previous three-year deal aimed at stabilizing oil prices collapsed a month ago, and Saudi Arabia and Russia traded accusations of failing to reach a compromise at the OPEC + meeting on March 6 in Vienna.

Saudi Arabia and Russia postponed a meeting that was scheduled to be held on Monday to discuss reducing oil production to the ninth of this month while continuing pressure on crude prices.

Energy ministers from the Group of Twenty and members of some other international organizations will hold a video conference hosted by Saudi Arabia on April 10, as part of efforts to get the United States to participate in a new agreement to cut production.