Russia Remains in OPEC+; Kremlin Praises Alliance's Importance During Market Volatility
Russia has stated its intention to remain in OPEC+ despite the UAE's withdrawal. The Kremlin emphasized that OPEC+ cooperation is crucial for stabilizing the oil market during unstable times. OPEC+ produces about half of the world's oil and liquid fuels, with Russia being the second-largest producer after Saudi Arabia.
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- 📰 Published: April 29, 2026 at 22:05
- 🔍 Collected: April 29, 2026 at 22:31 (25 min after Published)
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Central News Agency
(Central News Agency, Moscow, 29th, comprehensive foreign wire report) The Kremlin said today that despite the decision by the United Arab Emirates to withdraw, Russia still plans to remain in the OPEC+ cooperation alliance and hopes this alliance of major global oil-producing countries will continue to operate.
Reuters reported that the UAE announced yesterday its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+. This move strikes a blow to relevant organizations and cooperation mechanisms at a time when the Iran war has triggered an unprecedented energy crisis, exposing divisions among Gulf states.
Kremlin spokesman Dmitry Peskov praised the importance of OPEC+, especially during the current period of global market volatility.
He said in his daily press briefing: 'This cooperation model has helped to substantially minimize fluctuations in the energy market, making it possible to stabilize these markets.'
Peskov said that Russia respects the UAE's decision to withdraw and hopes that Moscow and this Gulf state will continue to exchange views on energy issues.
Russia decided to join OPEC+ in 2016. According to estimates by the International Energy Agency, the organization produced nearly 50% of the world's oil and liquid fuels last year. The UAE is the fourth-largest oil producer in OPEC+; Russia ranks second, only after Saudi Arabia. (Compiler: Ho Hong-ru) 1150429
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(Central News Agency, Moscow, 29th, comprehensive foreign wire report) The Kremlin said today that despite the decision by the United Arab Emirates to withdraw, Russia still plans to remain in the OPEC+ cooperation alliance and hopes this alliance of major global oil-producing countries will continue to operate.
Reuters reported that the UAE announced yesterday its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+. This move strikes a blow to relevant organizations and cooperation mechanisms at a time when the Iran war has triggered an unprecedented energy crisis, exposing divisions among Gulf states.
Kremlin spokesman Dmitry Peskov praised the importance of OPEC+, especially during the current period of global market volatility.
He said in his daily press briefing: 'This cooperation model has helped to substantially minimize fluctuations in the energy market, making it possible to stabilize these markets.'
Peskov said that Russia respects the UAE's decision to withdraw and hopes that Moscow and this Gulf state will continue to exchange views on energy issues.
Russia decided to join OPEC+ in 2016. According to estimates by the International Energy Agency, the organization produced nearly 50% of the world's oil and liquid fuels last year. The UAE is the fourth-largest oil producer in OPEC+; Russia ranks second, only after Saudi Arabia. (Compiler: Ho Hong-ru) 1150429
Choose to stand with facts, every sponsorship is a force to protect press freedom.
Download the Central News Agency's 'First Hand News' APP to stay updated with the latest news.
Text, images, and videos on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.