Russia and Saudi Arabia are “very, very close” to a deal on oil production cuts, according to the chief executive of Russia’s sovereign wealth fund RDIF.

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“I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund.

A virtual meeting between OPEC and its allies was scheduled to happen on Monday, but is now “likely” to take place on Thursday instead, sources familiar with the matter told CNBC. Reductions in oil output were expected to be discussed at the meeting.

Oil futures both fell on Monday morning in Asia, with U.S. West Texas Intermediate crude down 3.63 percent at $27.31 and Brent crude losing 2.05 percent to trade at $33.41.

Dmitriev pointed to comments by Russian President Vladimir Putin last week when he proposed a combined production cut of 10 million barrels per day, according to a Reuters report.

″(Putin) talked about how important this oil deal is, so Russia is committed,” Dmitriev told CNBC’s “Capital Connection” on Monday.

He added that Russia is working closely with U.S. authorities to have American producers participate in the output cut.

“I think it’s Russia, Saudi Arabia, U.S., other countries that need to step in to stabilize the markets and to bring stability in the world that is about to see probably the greatest recession ever.”