Russia intends to remain part of the OPEC+ format, despite the United Arab Emirates' decision to leave the organization, the Kremlin announced.
Spokenist Dmitry Peskov said that OPEC+ remains a key mechanism for stabilizing energy markets amid turbulence caused by the global energy crisis and the conflict with Iran.
"This format helps significantly limit market fluctuations and achieve stability," Peskov stressed. He added that Moscow respects the UAE's decision, but expects the energy dialogue between the two countries to continue.
The UAE's withdrawal from OPEC - the fourth-largest producer in the alliance - is seen as a blow to the organization, which together with its partners controls nearly half of the world's oil production. Russia is the second-largest producer in the group after Saudi Arabia.
Russian Finance Minister Anton Siluanov warned that the UAE's withdrawal could lead to a loosening of coordination between producing countries. According to him, if countries start increasing production without a coordinated policy, this would put downward pressure on oil prices.
At this stage, however, markets remain supported by supply restrictions related to the blockade of the Strait of Hormuz - a key route for global energy traffic. According to Siluanov, the risk of oversupply will only manifest itself after normal shipping in the region is restored.