Russian Deputy PM Alexander Novak stated the global oil market is in an "extremely uncertain" state, with demand dynamics unpredictable even for the next 5-10 years. He met with Saudi Arabian Energy Minister Abdulaziz bin Salman at SPIEF, agreeing that current demand expectations are unknown.
Qu Wenyi noted that the escalation of the conflict between the US and Iran has significantly increased the risks associated with maritime energy transportation and the Strait of Hormuz
The UAE's decision to withdraw from OPEC and OPEC+ represents a significant challenge to the oil cartel and its de facto leader Saudi Arabia. As the third largest OPEC state producing 3.4 million barrels per day before the Iran war, the UAE's exit highlights longstanding dissatisfaction with production quotas and tensions with Riyadh. Energy Minister Suhail al-Mazrouei termed it a sovereign national decision aligned with the UAE's long-term strategic vision. Analysts warn OPEC will be structurally weaker without the UAE, as reduced reserve capacity will complicate supply calibration and price stabilization.
