Russia says it will stay in OPEC+ after UAE exit

Russia has no plans to leave the OPEC+ grouping, Kremlin spokesperson Dmitry Peskov said during a briefing on April 29, emphasising the alliance’s role in stabilising global energy markets amid ongoing volatility.

Peskov’s remarks came a day after the United Arab Emirates announced it would withdraw from both OPEC and OPEC+ effective May 1, raising questions about the future of the broader production coordination framework.

Asked whether the UAE’s exit could signal the collapse of OPEC+, Peskov said Moscow hopes the format will be preserved. “This is a format that allows us, so to speak, to significantly minimise such fluctuations in the energy markets and helps stabilise these markets,” he told reporters.

Russia, a key member of OPEC+, has been coordinating oil production policy with OPEC countries for years and is widely seen as a major beneficiary of elevated global oil prices, particularly following disruptions linked to the conflict in the Middle East.

Earlier, Russian Finance Minister Anton Siluanov commented on the UAE’s decision, warning that it could lead to increased oil output and downward pressure on prices.

“Today we hear that one of the countries, the United Arab Emirates, is leaving OPEC. What does this mean? It means that the country can produce as much oil as its production capacities allow and release it onto the market,” Siluanov said on Wednesday, in what marked Russia’s first official reaction to the unexpected move.

He added that if OPEC members begin acting independently rather than in a coordinated manner following the UAE’s departure, global oil prices would likely decline. “If OPEC countries conduct their policies in an uncoordinated manner and produce as much oil as their production capacities allow and as much as they want, prices will go down accordingly,” Siluanov said.

Russia maintains close ties with both the UAE and Saudi Arabia, OPEC’s leading producer, making the future of coordination within OPEC+ a key issue for Moscow.

By Tamilla Hasanova