Russia has no plans to leave OPEC+, Deputy PM states

Russia does not plan to withdraw from OPEC+, despite recent developments involving the United Arab Emirates, Deputy Prime Minister Alexander Novak has stated.

Speaking on the sidelines of the Caucasus Investment Forum in Mineralnye Vody, he said Russia, as a major oil producer, sees OPEC+ as an effective mechanism for stabilising global oil markets during crises, Caliber.Az reports.

He added that the group helps maintain investment activity in the sector, supports long-term industry development, and ensures continuous cooperation between member countries.

His remarks come after the United Arab Emirates announced it would leave OPEC and OPEC+ starting May 1.

The UAE leadership said it would act “responsibly” and gradually increase oil production in a “measured and cautious” way.

Analysts made it clear that Abu Dhabi’s move reflects a decision to abandon adherence to group production quotas and could signal a push for a price-driven strategy by increasing the supply of cheaper crude on the market.

According to Western observers, the UAE’s exit could deepen divisions among Middle Eastern producers and undermine regional stability.

By Bakhtiyar Abbasov