Russia says it will stay in OPEC+ after UAE exit
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The Kremlin said on Wednesday that Russia would remain part of OPEC+ despite the United Arab Emirates deciding to leave the oil producers’ group.
The UAE announced its exit from the Organisation of the Petroleum Exporting Countries on Tuesday, a move that comes during an energy crisis linked to the Iran war and growing tensions among Gulf nations.
Kremlin spokesman Dmitry Peskov described OPEC+ as an important organisation that helps reduce volatility in global energy markets.
“This format helps to substantially minimise fluctuations in energy markets and makes it possible to stabilise those markets,” Peskov told reporters.
He said Russia respected the UAE’s decision and expressed hope that energy cooperation between Moscow and Abu Dhabi would continue.
Russia joined OPEC+ in 2016. According to International Energy Agency estimates, the group accounted for nearly half of global oil and oil liquids production last year.
Within OPEC+, Saudi Arabia is the largest producer, followed by Russia, while the UAE ranks fourth.