He said the alliance or Russia and major oil producer group OPEC is "ready to act" if necessary, however.
"We're quite optimistic about the Russian market going forward. We believe the oil price will be a significant influence going forward but due to our agreement with Saudi Arabia we believe that oil prices will be stable and the Russian market poised for continuous growth," Kirill Dmitriev, CEO of Russia's sovereign wealth fund RDIF, told CNBC on the sidelines of the Russia Calling investment forum in Moscow Wednesday.
Asked by CNBC's Dan Murphy if he agreed with this risk outlook, Dmitriev conceded that he did "agree somewhat that if there are trade wars and other shocks, we could have some issues on the demand side." As the world's second largest natural gas producer, and third largest oil producer, Russia has been able to lean on its energy exports as international sanctions have curtailed other parts of its economy. Oil prices have also risen since late 2016 in no small part due to Russia's pact with OPEC to curb oil output in order to balance supply and demand.
Source: News Formal (newsformal.com)
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