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Kremlin: Russia has no intention of following the UAE and still plans to remain in OPEC+
Golden Finance reported that on April 29, the Kremlin said on Wednesday that although the United Arab Emirates announced it would withdraw, Russia still plans to remain in OPEC+ and hopes the group will continue to operate.
The UAE announced its withdrawal from OPEC and OPEC+ on Tuesday, as an energy crisis triggered by the Iran war exposed divisions within Gulf countries.
Kremlin spokesperson Peskov said OPEC+ is an important organization that helps reduce fluctuations in the energy market and stabilize the market. Russia respects the UAE’s decision and hopes that energy dialogue will continue. Russia joined OPEC+ in 2016, and last year the group’s oil production accounted for nearly 50% of the world’s oil. The UAE is the fourth-largest oil-producing country in OPEC+, and Russia is the second-largest oil-producing country after Saudi Arabia. (Jin10)