Moscow: No Intention to Withdraw from OPEC+ and Global Demand is Affected by Middle East Conditions

Russian Deputy Prime Minister Alexander Novak affirmed today (Thursday, April 30, 2026) that Russia, as one of the world's leading oil producers, does not plan to withdraw from the OPEC+ alliance, stressing continued commitment to cooperation within the international oil system. Novak stated in a statement on the sidelines of an economic forum that as the largest oil-producing country, we do not intend to end this cooperation, indicating continued coordination with alliance countries. He added that current global demand for oil exceeds supply, and this imbalance is due to developments in the Middle East region, without providing further details, in reference to the impact of geopolitical tensions on energy markets. He explained that Russia and Saudi Arabia, as prominent members of OPEC+, have not discussed the withdrawal of any other major country, referring to recent discussions about the future of some members within the alliance. Reports had indicated that the United Arab Emirates announced its decision to withdraw from OPEC and the OPEC+ alliance, to take effect on May 1, 2026, in a move described as a strategic shift in the country's energy policy, sparking widespread discussions about oil market balances in the Middle East and the world.