Russia shouldn’t try to bring U.S. shale production down with an oil price war, because Moscow would also be hurt in such an event, according to Kirill Dmitriev, chief executive at the Russian Direct Investment Fund (RDIF) and the first Russian official to publicly hint three years ago that there might be an alliance with OPEC to lift oil prices. “For U.S. shale production to go down, you need oil prices at $40 per barrel and below. That is not healthy for the Russian economy,” Reuters quoted Dmitriev as saying at the World Economic Forum in Davos on Wednesday. “We should not take competitive action to destroy U.S. shale production,” the head of the Russian wealth fund said. Although Russia doesn’t need as high an oil price as does Saudi Arabia to balance its budget, a stable price at around $60 is preferable for Moscow. At the end of […]