Khaberni - Russian Deputy Prime Minister Alexander Novak, on Tuesday, ruled out that the withdrawal of the United Arab Emirates from the OPEC+ alliance would lead to a price war in the oil market,.
Novak explained on the sidelines of the Caucasus Investment Forum in Moscow that the current oil scene does not create the right environment for a pricing conflict, given the decline in quantities being pumped into the markets and demand exceeding available supply.
He pointed out that the OPEC+ system plays a pivotal role in absorbing shocks and stabilizing during volatility, confirming that Moscow is continuing its commitments within this cooperative framework without any intention to withdraw.
Regarding coordination with Riyadh, Novak denied that Russia had held consultations with Saudi Arabia about the UAE’s decision, pointing out that the matter was not raised in any of the bilateral channels between the two countries.
The UAE had surprised the markets by officially announcing, at the beginning of the week, its withdrawal from the OPEC organization and the OPEC+ alliance starting from the beginning of next May, in a move described by Abu Dhabi as a strategic decision aligned with its long-term economic vision, amid widespread international anticipation of its implications on the trajectory of global crude oil prices.
