Russia says it will stay in OPEC+, hopes UAE exit does not spell end of group

FILE -The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, File)

MOSCOW -- The Kremlin said on Wednesday that Russia planed to stay in OPEC+ despite a decision by the United Arab Emirates to leave, and said it hoped that the group of leading global oil producers would continue to operate.

The UAE said on Tuesday it was quitting the Organization of the Petroleum Exporting Countries, dealing a blow to the group at a time when an unprecedented energy crisis triggered by the Iran war has exposed discord among Gulf nations.

Kremlin spokesman Dmitry Peskov praised OPEC+ as an important organization, especially during current turmoil on global markets.

“This format helps to substantially, let’s say, minimize fluctuations in energy markets and makes it possible to stabilize those markets,” Peskov told a daily conference call with reporters.

Peskov said that Russia respected the UAE’s decision to leave however, and hoped Moscow’s energy dialog with the Gulf state would continue.

Russia decided to join OPEC+ in 2016. The group produced nearly 50% of the world’s oil and oil liquids last year, according to International Energy Agency estimates. The UAE ​was the fourth largest producer in OPEC+, while Russia is the second, behind Saudi Arabia.

(Reporting by Dmitry Antonov and Darya Korsunskaya; Writing by Vladimir Soldatkin; Editing by Andrew Osborn)