The Kremlin praised OPEC+ as an important organisation, especially during current turmoil on global markets, a day after the UAE's exit from the grouping. (Photo: Reuters/File)

Russia says it will remain in OPEC+, hopes UAE exit wouldn't mark end of group

Russia said it will remain in OPEC+, a day after the UAE decided to leave the grouping. The Kremlin said the alliance still matters for steadying volatile energy markets and hopes its dialogue with the UAE will continue.

by · India Today

In Short

  • UAE quits OPEC and OPEC+ amid energy crisis triggered due to Iran war
  • Russia calls OPEC+ important amid current turmoil in global markets
  • It said it respects UAE's move and wants energy dialogue to continue

The Kremlin said on Wednesday that Russia planned to stay in OPEC+ despite a decision by the United Arab Emirates to leave, and said it hoped that the group of leading global oil producers would continue to operate.

The UAE said on Tuesday it was quitting the Organisation of the Petroleum Exporting Countries, dealing a blow to the group at a time when an unprecedented energy crisis triggered by the Iran war has exposed discord among Gulf nations.

Kremlin spokesman Dmitry Peskov praised OPEC+ as an important organisation, especially during current turmoil on global markets.

"This format helps to substantially, let's say, minimise fluctuations in energy markets and makes it possible to stabilise those markets," Peskov told a daily conference call with reporters.

Peskov said that Russia respected the UAE's decision to leave, however, and hoped Moscow's energy dialogue with the Gulf state would continue.

Russia decided to join OPEC+ in 2016. The group produced nearly 50 per cent of the world's oil and oil liquids last year, according to International Energy Agency estimates.

The UAE was the fourth-largest producer in OPEC+, while Russia is the second, behind Saudi Arabia.

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