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One of Russia's main strategists who reached a crude oil supply agreement with the Organization of Petroleum Exporting Countries (OPEC) said Russia should not launch a crude oil price war against the United States, but stick to its production reduction plan, even at the cost of losing market share in the medium term.
For the first time since 2017, Russia and OPEC have cooperated in reducing production to boost crude oil prices. After the implementation of the crude oil supply agreement, oil prices have risen from less than $30 a barrel before the agreement came into force to about $60 to $85.
"To reduce U.S. shale oil production, oil prices should be $40 or less per barrel. That would be bad for Russia's economy, "Kirill Dmitriev, chief executive of the Russian government-backed direct investment fund, said Wednesday.
"We should not take competitive action to disrupt shale oil production in the United States," Demetriyev said at the World Economic Forum in Davos, Switzerland.
Demetriyev said that the rise in crude oil prices caused by production cuts has brought about about about $110 billion in additional revenue for Russia.
U.S. crude oil production is expected to hit a new high this year. Dmitryev said that Russian President Vladimir Putin will visit Saudi Arabia later this year to further strengthen cooperation between the two countries.

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