The OPEC and its allies deal that’s supporting oil prices could save millions of U.S. jobs, according to the chief executive of Russian sovereign wealth fund RDIF.
After days of discussion, OPEC and its allies reached an agreement on Sunday to cut production by a record 9.7 million barrels per day. It will be in effect from May 1 to the end of June, following which restrictions will be loosened.
U.S. President Donald Trump, who was involved in the negotiations, said in a tweet that the deal “will save hundreds of thousands of energy jobs in the United States.”
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said Trump was “modest” in saying that.
“The total number of jobs in the U.S. oil and gas industry is 10 million. But if you count … other industries affected by this, you’re talking about huge job numbers,” he said, adding that Russian jobs will also be saved
