Russia said the OPEC+ group will continue operating despite the UAE’s exit, easing fears of disruption. Deputy Prime Minister Alexander Novak ruled out an oil price war, citing a global supply deficit. The development matters for energy markets, as producers and consumers face ongoing volatility.
Speaking to Russian media, Novak stressed that cooperation among major oil producers would remain intact. He noted that current market conditions make a price war unlikely, as demand continues to outpace supply. Therefore, the alliance is expected to maintain stability despite internal changes.
Read more: UAE quits OPEC in major shock move
The United Arab Emirates announced its decision to quit OPEC earlier this week. The move comes amid an unprecedented energy crisis linked to tensions in the Middle East, exposing divisions among Gulf producers. Consequently, analysts view the exit as a significant test for the group’s unity.
Novak highlighted that global oil markets are facing a severe imbalance due to supply shortages. He explained that logistical disruptions and regional instability have reduced available النفط volumes. As a result, the market continues to experience tight supply conditions and elevated uncertainty.
Read more: UAE leaves OPEC in blow to oil cartel during Hormuz crisis
Despite these challenges, Russia reaffirmed its commitment to OPEC+, which was established in 2016 to coordinate output policies. Meanwhile, industry observers say the alliance’s future will depend on how remaining members manage supply and geopolitical risks.