Russia reaffirms commitment to OPEC plus following United Arab Emirates exit

Apr 29, 2026, 9:45:54 AM UTC(3 hours ago)
Impact: Medium
Russia reaffirms commitment to OPEC plus following United Arab Emirates exit

Affected Assets

  • The Kremlin confirmed Russia will remain in the OPEC plus alliance despite the surprise departure of the United Arab Emirates on May 1 2026
  • Russian Finance Minister Anton Siluanov warned that uncoordinated production following the UAE exit could lead to a significant drop in global oil prices
  • Brent crude prices surged above 112 dollars per barrel as markets reacted to the seismic shift in the oil cartel structure
  • Analysts suggest the UAE departure represents a major blow to Saudi Arabian leadership and weakens the group control over global supply
  • Russia continues to maintain strong diplomatic ties with both the departing UAE and the remaining OPEC members to stabilize energy markets

Sources

@DeItaoneReutersThe Washington PostAl JazeeraThe Rio Times
From:@DeItaone
KREMLIN: RUSSIA IS NOT GOING TO EXIT OPEC+
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Russia reaffirms commitment to OPEC plus following United Arab Emirates exit | Foxly Invest