UAE's Potential Return to OPEC+ Discussed by Deputy Prime Minister Novak
UAE’s return to OPEC+ possible if country wishes — Novak
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Deputy Prime Minister Alexander Novak stated that the United Arab Emirates (UAE) could rejoin OPEC+ if it chooses, emphasizing that the organization operates on a voluntary basis. Novak highlighted OPEC+'s importance for industry cooperation and global energy security during the St. Petersburg International Economic Forum.
- 01Alexander Novak, Deputy Prime Minister of Russia, discussed the UAE's potential return to OPEC+ during an interview at the St. Petersburg International Economic Forum.
- 02Novak emphasized that OPEC+ is a voluntary organization, allowing countries to join or leave at their discretion.
- 03He underscored the role of OPEC+ in reducing global price volatility and fostering long-term investment in the energy sector.
- 04The St. Petersburg International Economic Forum, held from June 3-6, focuses on creating a stable future amid global economic transformations.
- 05The forum features various programs, including discussions on small and medium enterprises and youth economic initiatives.
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During the St. Petersburg International Economic Forum, Deputy Prime Minister Alexander Novak indicated that the United Arab Emirates (UAE) could return to OPEC+ if it desires. He explained that OPEC+ operates as a voluntary organization, allowing sovereign states to join or leave as they see fit. Novak highlighted the significance of OPEC+ in fostering industry cooperation and reducing global price volatility, which is essential for attracting long-term investments and ensuring global energy security. The forum, taking place from June 3-6, is themed 'Pragmatic Dialogue: the Path to a Stable Future' and aims to shape a new model of global development amidst ongoing economic transformations. It features various programs, including the SME Forum and the Creative Industries Forum, along with cultural events like the Petersburg Seasons festival. The Roscongress Foundation organizes the forum, with VEB.RF as its title partner.
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