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Russia and Saudi Arabia have overcome the differences on oil output cuts and it’s very important that other producers outside OPEC+ join cuts, Kirill Dmitriev, CEO of Russia’s sovereign wealth fund RDIF, told Reuters on Thursday.

“Some others will join measures during G20 on Friday,” Dmitriev added. “Without those measures to cut output the oil market would have been dealt a severe blow.”

Dmitriev further noted that oil production cut measures will allow the oil market to start on a path to recovery.

Market reaction

The barrel of West Texas Intermediate (WTI) largely ignored these headlines and continues to post small daily losses near $26.