Moscow is not considering the possibility of leaving the partnership with the Organization of the Petroleum Exporting Countries and hopes the UAE’s exit does not signal the end of the broader OPEC+ alliance, Kremlin spokesperson Dmitry Peskov told local media. Russia and Saudi Arabia are the de facto co-leaders of OPEC+.
The UAE’s exit from OPEC after six decades of membership marks the culmination of years of tension with Saudi Arabia over oil output policy and competition for regional political influence. While key Gulf producers have been grappling with disruptions through the Strait of Hormuz, Russia has faced Ukrainian attacks on its energy infrastructure.
Russia has little incentive to exit the OPEC+ alliance, as it currently lacks the capacity to significantly increase oil production in the near term, a person close to the government said, requesting anonymity.
The energy ministry did not immediately respond to a Bloomberg request for comment.
The UAE announced its exit from OPEC, effective May 1. The move is seen as a blow to the group’s ability to manage oil prices through coordinated supply adjustments. Prior to the Iran war, the UAE was OPEC’s third-largest producer, behind Saudi Arabia and Iraq.
Earlier, several delegates within the alliance indicated they do not plan to follow the UAE, nor do they expect its departure to trigger a broader exodus.
“This is a very important area of work, especially crucial in the current conditions, when energy markets are, to put it mildly, in turmoil,” the Interfax news agency quoted Peskov as saying. The OPEC+ framework helps minimise volatility in energy markets and stabilise them, he added.
Similar sentiments were echoed by Kazakhstan, whose energy ministry said any change to its participation in OPEC+ is not under consideration. Officials from other member countries have also indicated that a wider exit is unlikely in the near term.
Russia’s ability to ramp up production remains constrained amid intensified attacks on its oil infrastructure, including refineries and export terminals, as Ukraine seeks to curb energy revenues.
In March, Russia’s crude output remained largely flat at 9.167 million barrels per day after three consecutive months of decline. This figure, which excludes condensate, is 407,000 barrels per day below its permitted output under the OPEC+ agreement.
