US EditionRussia to Remain in OPEC+, Hopes UAE Exit Does Not Spell End of Group
Russia says it will stay in OPEC+ and hopes the UAE’s exit will not trigger a cartel collapse or higher oil prices.
- On Tuesday, the United Arab Emirates announced it will quit the Organization of the Petroleum Exporting Countries , effective this Friday, exposing rifts among Gulf nations over production quotas amid the Iran war.
- Prior to the Iran war, the UAE was the fourth-largest producer in the 22-member OPEC+ alliance, but sources indicate the country sought freedom from quota constraints following the reopening of the Strait of Hormuz.
- Russia plans to remain in the OPEC+ alliance despite the UAE's exit, as Kremlin spokesman Dmitry Peskov told reporters the organization remains crucial for stabilizing global energy markets.
- Peskov emphasized that the alliance helps to "substantially, let's say, minimise fluctuations in energy markets and makes it possible to stabilise those markets," using the quota system established in the 1980s.
- Russian Finance Minister Anton Siluanov warned earlier Wednesday that if producers abandon coordination, "prices will go down accordingly," as countries might boost production once global energy constraints ease.
32 Articles
32 Articles
Russia Dismisses Price War Fears Following UAE Departure From OPEC+
Russia will remain in the OPEC+ group alongside the remaining OPEC members and doesn’t expect a price war following the abrupt exit of the United Arab Emirates, Russia’s Deputy Prime Minister Alexander Novak said on Thursday. In a surprise announcement earlier this week, the United Arab Emirates (UAE) said it is quitting OPEC and the wider OPEC+ alliance effective May 1, to pursue its national interests. For years, the UAE has been working to b…
Russia Says It Has No Plans to Leave OPEC+ After Shock UAE Exit
Russia said it has no plans of leaving its alliance with OPEC after the United Arab Emirates’ shock decision to quit the cartel raised questions about its future amid a historic supply disruption caused by the Iran war.
(Istanbul=Yonhap News) Correspondent Kim Dong-ho = In connection with the United Arab Emirates (UAE)'s sudden announcement that it would withdraw from the Organization of Petroleum Exporting Countries (OPEC), Russia OPE...
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
