Russia’s Deputy Prime Minister Alexander Novak said on Thursday that the OPEC+ group will continue coordinated operations despite the planned exit of the United Arab Emirates.
Speaking via Russian news agencies, Novak stressed that the alliance remains stable and functional, even as the UAE’s withdrawal marks a significant shift within the producer bloc.
He dismissed concerns of a potential price war, noting that current market conditions defined by supply shortages make aggressive competition unlikely.
The UAE, previously one of the largest producers in OPEC+, announced its departure earlier in the week, citing growing tensions within the group.
Its exit comes at a time when global oil markets are under strain due to disruptions linked to the ongoing conflict involving Iran in the Middle East.
Novak highlighted that demand for crude oil currently exceeds available supply, creating what he described as a severe imbalance in the market.
He pointed to logistical disruptions and reduced oil flows as key factors behind the tightening supply conditions.
Russia, the second-largest producer in the alliance after Saudi Arabia, continues to play a central role in OPEC+ coordination efforts.
Analysts say the UAE’s move exposes underlying divisions among Gulf producers but is unlikely to immediately derail the broader coalition.
Despite the uncertainty, OPEC+ members are expected to maintain cooperation to stabilise markets amid what Novak called one of the deepest crises facing the oil industry.