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.
19 Articles
19 Articles
(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...
Russia says it has no plans to leave the alliance with OPEC, according to Kremlin spokesman Dmitry Peskov. The Kremlin is responding to the surprising decision by the United Arab Emirates to withdraw from the cartel. According to Peskov, Russia further hopes that the UAE's departure from the group does not mean the end of the broader OPEC+ alliance.
Kremlin Hopes OPEC+ Will Stand Firm Despite UAE Exit
The Kremlin said Wednesday it hopes the departure of the United Arab Emirates from OPEC and the expanded OPEC+ alliance will not lead to the collapse of the oil cartel. “We of course would like to hope so,” Kremlin spokesman Dmitry Peskov told reporters when asked if Russia remains committed to stabilizing global energy markets through the OPEC+, of which it is a member.
Coverage Details
Bias Distribution
- 62% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
