Russian Deputy PM Novak Dismisses Risk of Oil Price War Following UAE OPEC Exit

Russian Deputy Prime Minister Alexander Novak has dismissed the possibility of an oil price war after the UAE's withdrawal from OPEC and OPEC+.

"In the current situation, how can there be a price war when there is a shortage on the market? Therefore, we see that the profound crisis in the industry continues," he told reporters responding to a question about the risk of a price war due to the UAE's withdrawal from OPEC.

Earlier, the Emirates state news agency WAM reported that the UAE had made a decision to exit OPEC and OPEC+ effective May 1, 2026. The UAE assured that it shared the desire to stabilize the global fuel market. Its oil production policy will take into consideration global supply and demand, WAM stated.

Before the Middle East conflict, the UAE's oil production was approximately 3.5 million barrels per day (bpd), and the country's production was also limited by the OPEC+ deal. However, the UAE's production capacity allows for an increase to approximately 5 million bpd.

The Caucasus Investment Forum is taking place on April 28-30 at the MinvodyExpo International Exhibition Center in the Stavropol Region.

The forum is organized by the Roscongress Foundation with the support of the Russian Government, the Economic Development Ministry and the Government of the Stavropol Region. TASS is the forum’s media partner.