Russia Affirms OPEC+ Continuity
Russia confirms OPEC+ will continue despite UAE's exit, citing global oil deficit and unlikely price war.
Atlas Newsdesk ·
Russia Affirms OPEC+ Continuity Amid UAE Departure Russia's Deputy Prime Minister Alexander Novak stated on Thursday, April 30, that the OPEC+ alliance will continue its operations despite the United Arab Emirates' (UAE) recent exit. Novak indicated that a global oil deficit makes a price war unlikely, according to reports from Russian news agencies.
The UAE, previously the fourth-largest producer within OPEC+, announced its departure on Tuesday, April 28. Russia, the second-largest producer in the alliance after Saudi Arabia, maintains its commitment to OPEC+, which was established in 2016.
Novak emphasized that the oil industry is experiencing its deepest crisis, with significant volumes of oil not reaching the market while demand substantially exceeds supply. This imbalance is attributed to serious logistical disruptions, including the situation in the Middle East.