What did Russia's Deputy Prime Minister Alexander Novak say about the future of OPEC+ after the UAE's exit?

Russia's Deputy Prime Minister Alexander Novak stated that the OPEC+ group would continue working together despite the UAE's departure, and he reiterated that Russia will remain in OPEC+, which was formed in 2016.

Why does Novak believe an oil price war is unlikely following the UAE's exit from OPEC?

Novak said he did not expect an oil price war because there is a global oil deficit, with large volumes of oil not reaching the market while demand significantly exceeds supply — an imbalance caused by serious logistical disruptions, including the situation in the Middle East, which he described as 'the deepest crisis in the industry.'

Russia says OPEC+ will continue after UAE exit, no price war expected

Apr 29, 2026

Russian Deputy Prime Minister Alexander Novak confirmed that OPEC+ will continue operations despite the UAE's departure. He cited a global oil deficit making a price war unlikely amidst current logistical disruptions.

reuters

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