Russia Reaffirms Commitment to OPEC+ Amid UAE Exit
Russia To Stay In OPEC+ Despite Shock UAE Exit, Praises Organisation
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Russia will remain a member of OPEC+ despite the United Arab Emirates' recent decision to exit the organization. Kremlin spokesman Dmitry Peskov emphasized the importance of OPEC+ in stabilizing global energy markets during current crises, while respecting the UAE's choice.
- 01Russia plans to stay in OPEC+ despite UAE's exit.
- 02The UAE's departure is seen as a setback for OPEC+ amid global energy crises.
- 03Kremlin spokesman praised OPEC+ for stabilizing energy markets.
- 04Russia joined OPEC+ in 2016 and is a major oil producer.
- 05The UAE was the fourth largest producer in OPEC+.
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The Kremlin announced that Russia intends to remain in the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) following the United Arab Emirates' decision to leave. Kremlin spokesman Dmitry Peskov highlighted the significance of OPEC+ in mitigating fluctuations in energy markets, especially during the ongoing energy crisis exacerbated by the conflict in Iran. He expressed respect for the UAE's decision and hoped for continued energy dialogue between the two nations. Russia, which joined OPEC+ in 2016, is the second-largest oil producer in the group, which collectively accounted for nearly 50% of global oil production last year, according to the International Energy Agency. The UAE was the fourth largest producer within OPEC+.
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Russia's continued participation in OPEC+ may influence global oil prices, affecting consumers and economies reliant on oil imports.
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