Russia will stay in OPEC+ and expects the group to continue operating despite the United Arab Emirates’ decision to leave the oil producers’ alliance, Kremlin spokesman Dmitry Peskov said on Wednesday.

The UAE announced on Tuesday it was quitting OPEC, marking a significant development for the organization as an energy crisis stemming from the Iran war reveals divisions among Gulf nations.

Peskov described the UAE’s exit as a sovereign decision that Russia respects. The Kremlin spokesman said Russia hopes the departure does not signal the end of the OPEC+ format, noting that coordination within this framework stabilizes global markets.

Russia welcomed the UAE’s statement that it will continue policy coordination on global energy markets, according to Peskov. The Kremlin also said it counts on the continuation of energy dialogue with the UAE.

Peskov confirmed that Russia is not planning to exit OPEC+.
Source: Investing.com