OPEC+ after UAE exit remains stable, according to Alexander Novak, who أكد that the oil producers’ alliance will continue its cooperation. His remarks aim to reassure markets amid concerns about potential disruptions.
Speaking on Thursday, Novak said that the departure of the United Arab Emirates would not lead to a breakdown in coordination among major oil-producing nations. He emphasized that OPEC+ after UAE exit still holds strong foundations.
The UAE recently announced its decision to leave the oil alliance, raising questions about unity within the group. The country had been one of the largest producers in the coalition, making its exit a significant development.
Despite this, Novak dismissed fears of a price war, noting that the global oil market is currently facing a supply shortage. He stated that demand is exceeding available supply, reducing the likelihood of aggressive price competition.
He highlighted that logistical disruptions, particularly in the Middle East, have contributed to the imbalance. These challenges have prevented large volumes of oil from reaching global markets, intensifying the ongoing energy crisis.
OPEC+, formed in 2016, includes members of OPEC along with allied producers such as Russia. Novak reaffirmed that Russia will remain committed to the alliance despite recent changes.
Analysts believe that OPEC+ after UAE exit will continue to play a crucial role in stabilizing oil markets. With global demand rising and supply constrained, cooperation among major producers remains essential.
