Russia says UAE withdrawal from OPEC, OPEC+ is ‘sovereign decision’

Russia said Wednesday that the United Arab Emirates’ withdrawal from the OPEC oil producer group and OPEC+ is a “sovereign decision.”

“This is a sovereign decision of the United Arab Emirates, and we respect it,” Kremlin spokesman Dmitry Peskov told reporters in a press briefing.

Saying that Russia welcomes Abu Dhabi’s statements that the UAE will continue to take a responsible position in energy markets and coordinate bilaterally, Peskov added that Moscow expects to continue “constructive and effective” contacts with the Gulf country, including through energy dialogue.

Peskov also stated Moscow’s hope that OPEC+ will be preserved despite the UAE’s withdrawal, praising the platform as a “very important area of ​​work, particularly crucial in the current climate, when energy markets are, to put it mildly, in turmoil.”

“This format allows for significant minimization of fluctuations in non-energy markets and helps stabilize these markets,” he added.

On Tuesday, the UAE announced it would leave OPEC and the wider OPEC+, marking one of the most significant ruptures inside the oil producer group in years.

The decision comes as global energy markets face severe disruption from the US-Israeli war against Iran, driving crude prices sharply higher and intensifying concerns about the security of supply from the Gulf.

The UAE has been a member of OPEC since 1967, while Russia is a member of OPEC+.

In the wake of the UAE's surprise withdrawal from OPEC, Peskov also said that Russia is not considering leaving the OPEC+ format.