New OPEC+ deal to balance oil markets may be possible, said Kirill Dmitriev, head of Russia’s sovereign wealth fund, adding that countries should also cooperate to stem the economic downturn from the coronavirus.

The agreement between the Organization of the Petroleum Exporting Countries (OPEC) and their allies to cut prices in support of prices collapsed earlier this month, disrupting market values ​​for oil.

“There is a need for joint action by countries to rebuild the global economy. These actions are also possible within the framework of the OPEC+ deal”, said Kirill Dmitriev. “We are in contact with Saudi Arabia and many other countries. Based on these contacts, we see that if the number of OPEC+ members increases and other countries join, there is an opportunity for a joint agreement to balance the oil markets”, added he.

Kirill Dmitriev did not say who the parties to the new deal should be or could be. US President Donald Trump said last week that he would engage in the oil price war between Saudi Arabia and Russia at the right time.

Kirill Dmitriev also said that the global economic crisis is inevitable, as the ratio of global debt to the world’s gross domestic product has increased to 323%, up from 230% at the time of the previous economic crisis in 2008.

“Efforts to restore relations between Russia and the United States are as important now as they have been before. We will take the action we need and hope the United States will also understand that this is necessary”, he said.

Russia’s FDI and its partners have produced 500,000 sets of coronavirus tests so far, but plan to increase production to 2.5 million units per week.

President Vladimir Putin said Thursday that he hoped Russia would defeat the coronavirus in 2-3 months after the total number of infected Russians exceeded 1,000.

Kirill Dmitriev said he believes Russia should follow the examples of South Korea and Hong Kong – which show how tests can limit the spread of coronavirus.

He added that in a month, the quick and mass public testing will be ready so that people can order them at home through shipping services and delivery apps from technology companies Yandex and Mail.Ru. Only one-third of all tests will be exported abroad.