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Russia to stay in OPEC+ as UAE exits, Kremlin says; UAE departure raises concerns for group
The Kremlin announced that Russia will remain in OPEC+ despite the United Arab Emirates quitting the group. The UAE said it was leaving OPEC+, describing the move as a blow amid an energy crisis tied to the Iran war and Gulf tensions.
Why It Matters
The developments could affect OPEC+ unity and oil-market dynamics during a period of enhanced energy pressures linked to regional conflicts.
Timeline
6 Events
Russia to stay in OPEC+; Kremlin praises organisation
April 29, 2026
Kremlin spokesman Dmitry Peskov said Russia planned to stay in OPEC+ despite UAE's exit and praised the organisation as an important format that helps stabilise energy markets during current turmoil.
UAE announces exit from OPEC+
April 28, 2026
The United Arab Emirates said it was quitting OPEC+, delivering a shock to the group amid tensions within Gulf energy diplomacy.
OPEC+ produced ~50% of world oil in 2025
2025
The group produced nearly 50% of the world's oil and oil liquids last year, according to International Energy Agency estimates.
Russia joins OPEC+
2016
Russia decided to join OPEC+ in 2016.
Russia says it will stay in OPEC+; hopes UAE exit does not end group
April 29, 2026
The Kremlin stated that Russia planned to remain in OPEC+ despite the UAE's departure and expressed hope that the group would continue to operate.
UAE announces withdrawal from OPEC+
April 28, 2026
The United Arab Emirates said on Tuesday it was quitting the Organization of the Petroleum Exporting Countries (OPEC+), describing the move as a blow to the group. The announcement occurred amid an energy crisis triggered by the Iran war and highlighted discord among Gulf nations.