Russia claims that the UAE's withdrawal from OPEC would increase global oil production and bring down future oil prices

The Russian Finance Minister, Anton 'Siluanov, said that the United Arab Emirates' decision to leave OPEC would'mean that oil-producing nations will increase production and bring down future global prices.

Russia is a part of the OPEC+ Group of Countries and coordinates its policies with OPEC. The war in the Middle East is believed to be the primary cause of the rise?in oil prices worldwide.

Today we heard that the United Arab Emirates is leaving OPEC. What does it mean? Siluanov explained that the country could produce as much oil as it's production capacity allows and release the oil onto the market.

Siluanov’s remarks were Russia’s first response to the UAE’s surprise exit. Russia has a strong relationship with the?UAE as well as OPEC's leader Saudi Arabia.

He added that if OPEC countries continue to conduct their policies uncoordinatedly (after the UAE's exit) and produce oil at their own production?capacity, as well as as much as they desire, then prices will fall accordingly.

He said that the current oil prices were being supported by the Strait of Hormuz blockade, and that his predictions of an oversupply would be referring to the situation in the future when the passage will open. Reporting by Darya Kosunskaya, Writing by Lucy Papachristou, Editing by Gleb Brynski and Himani Skar

(source: Reuters)