{"id":416852,"date":"2026-04-29T16:16:18","date_gmt":"2026-04-29T16:16:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/416852\/"},"modified":"2026-04-29T16:16:18","modified_gmt":"2026-04-29T16:16:18","slug":"kremlin-hopes-opec-will-stand-firm-despite-uae-exit","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/416852\/","title":{"rendered":"Kremlin Hopes OPEC+ Will Stand Firm Despite UAE Exit"},"content":{"rendered":"

The Kremlin said<\/a> Wednesday it hopes the departure of the United Arab Emirates from OPEC and the expanded OPEC+ alliance will not lead to the collapse of the oil cartel.<\/p>\n

\u201cWe of course would like to hope so,\u201d Kremlin spokesman Dmitry Peskov told reporters\u00a0when asked if Russia remains committed to stabilizing global energy markets through the OPEC+, of which it is a member.<\/p>\n

Peskov said Russia has no plans to withdraw from the organization, calling it \u201cespecially crucial when energy markets are in turmoil.\u201d<\/p>\n

Earlier, Russian Finance Minister Anton Siluanov said<\/a> the UAE\u2019s exit, effective this Friday, would boost oil production and eventually bring down energy prices that have surged since U.S.-Israeli strikes were launched against Iran in late February.<\/p>\n

However, analysts warned the departure could weaken OPEC\u2019s collective influence and trigger further market turbulence.<\/p>\n

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The UAE, one of the world\u2019s leading oil producers, had frequently clashed with the group over production quotas.<\/p>\n

A source close to the UAE\u2019s energy ministry told AFP the country did not want to be constrained by OPEC quotas after the reopening of the Strait of Hormuz, through which a fifth of the world\u2019s oil supply normally passes.<\/p>\n

Prior to the Iran war, the UAE was the fourth-largest producer in the 22-member OPEC+ alliance, trailing only Saudi Arabia, Russia and Iraq.\u00a0The last OPEC member to withdraw from the cartel was Angola in 2024.<\/p>\n

Founded in 1960, the 12-member OPEC cartel partnered with 10 additional producers in 2016 to form OPEC+. The group has utilized a quota system since the 1980s to maintain market control, a strategy that helped the bloc navigate the 2008 financial crisis and the COVID-19 pandemic despite internal friction.<\/p>\n

The UAE is the first major producer to leave the group since Angola withdrew in 2024.<\/p>\n

AFP contributed reporting.<\/p>\n

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