What does Russian Finance Minister Anton Siluanov say the UAE's exit from OPEC implies for global oil production and prices?

Anton Siluanov stated that the UAE's exit from OPEC means the country 'can produce as much oil as its production capacities allow and release it onto the market,' and that if OPEC countries thereafter act uncoordinatedly—producing 'as much oil as their production capacities allow and as much as they want'—then 'prices will go down accordingly.' He clarified that this predicted price decline refers to a future scenario when the Strait of Hormuz blockade ends, noting that current prices remain supported by that blockade.

How does Siluanov position Russia in relation to the UAE's OPEC exit and broader OPEC+ coordination?

Siluanov emphasized that Russia is a member of the OPEC+ group and has been coordinating its oil policies with OPEC members; he described Russia's reaction as its 'first' official response to the UAE's surprise exit, while also highlighting Russia's 'strong ties with both the UAE and OPEC leader Saudi Arabia.' He framed the UAE's departure as a potential threat to coordinated output policy, warning that uncoordinated production among former OPEC members would lead to oversupply and lower prices—implying Russia's continued interest in maintaining collective discipline within OPEC+.

Russia says UAE's exit from OPEC will increase global production, bring down oil prices in future

Apr 29, 2026

Russian Finance Minister Anton Siluanov warned that the UAE's OPEC exit will increase production and lower global oil prices once supply constraints ease. He cautioned that uncoordinated member policies could lead to future oversupply despite price support from the Strait of Hormuz.

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