Russia Says It Has No Plans to Quit OPEC+, Reaffirming Cooperation After UAE Exit

Russian Deputy Prime Minister Reaffirms Commitment to Cooperation

Kazakhstan Also Dismisses Talk of a Chain Reaction

Russia has reiterated that it has no intention of leaving OPEC+, the alliance of the Organization of the Petroleum Exporting Countries and major non-OPEC producers, rebutting concerns that the producer bloc could splinter after the United Arab Emirates announced its exit.

Deputy Prime Minister Alexander Novak, who oversees the energy sector, made the comments at an investment event in Mineralnye Vody on April 30, Tass reported. He said Russia, one of the world’s largest oil producers, has no intention of withdrawing from cooperation within OPEC+.

Novak said the alliance helps mitigate risks in the oil market during crises. He added that it supports investment strategies, industry development prospects and continued cooperation among member states.

He also said he expects other OPEC+ members to maintain the same stance as Russia.

The comments came after the UAE abruptly announced on April 28 that it would leave OPEC and OPEC+. Novak added that there had been no separate discussions yet between Saudi Arabia and Russia, the group’s leading powers, over the UAE’s decision.

Kazakhstan’s Energy Ministry also pushed back on speculation about a broader wave of departures. In a statement on April 29, it said no change in the form of its participation in the group is currently on the agenda.

The Financial Times reported that the OPEC framework would not suffer a fatal blow unless the UAE’s move triggers exits by other countries.

Park Sang-kyung, Hankyung.com reporter highseoul@hankyung.com