According to Russian Deputy Prime Minister Alexander Novak, why won’t the UAE’s exit from OPEC trigger an imminent price war?

Novak stated that an imminent price war is unlikely because 'there is a shortage in the market' due to the Iran conflict throttling producers’ ability to unleash supplies, and because 'a huge amount of oil isn’t reaching the market today' — particularly with the Strait of Hormuz 'all but closed' — while 'demand is significantly higher than supply.'

What did Novak say about Russia’s stance on OPEC+ following the UAE’s withdrawal?

Novak confirmed that Russia and Saudi Arabia have not discussed the UAE’s decision, reiterated that Moscow has no plans to quit the OPEC+ alliance, and praised the coalition as 'very good at mitigating the risks of oil markets' during crises, enabling continued investment strategy, industry development prospects, and regular inter-country cooperation.

Russia Says UAE’s OPEC Exit Won’t Trigger Imminent Price War

Apr 30, 2026

Russian Deputy Prime Minister Alexander Novak stated that the UAE's exit from OPEC will not trigger an imminent price war due to current market shortages caused by the Iran conflict. Moscow reaffirmed its commitment to the OPEC+ alliance.

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