The Kremlin said it hopes the United Arab Emirates’ decision to leave the OPEC and broader OPEC+ alliance will not destabilize the oil alliance, as global energy markets remain under pressure. Kremlin spokesman Dmitry Peskov stated that Russia still aims to support market stability through continued cooperation within OPEC+.
He emphasized that Moscow has no intention of exiting the alliance, adding that the group remains particularly important during periods of volatility in global energy markets. Meanwhile, Russian Finance Minister Anton Siluanov suggested that the UAE’s departure, set to take effect this Friday, could increase oil production and eventually ease prices that have surged since U.S.-Israeli strikes on Iran in late February.
However, analysts cautioned that the UAE’s move may weaken the bloc’s collective influence and contribute to further uncertainty in oil markets. The UAE, a leading global oil producer, has long disagreed with OPEC over production quotas, which it viewed as restrictive.
According to a source familiar with the matter, Abu Dhabi sought greater flexibility following the reopening of the Strait of Hormuz, a key route that carries roughly one-fifth of the world’s oil supply. Before the conflict in Iran, the UAE ranked as the fourth-largest producer within the 22-member OPEC+ alliance, behind Saudi Arabia, Russia, and Iraq.
Founded in 1960, the Organization of the Petroleum Exporting Countries later expanded its influence by forming OPEC+ in 2016 with additional producers. The alliance has relied on coordinated output quotas for decades to manage supply and navigate crises, including the 2008 financial downturn and the COVID-19 pandemic, despite ongoing internal tensions.
