Russia will remain in OPEC+ and hopes that the UAE's exit from group does not mean its end

The Kremlin announced on Wednesday that Russia planned to?stay?in OPEC+ despite a United Arab Emirates decision to leave. It expressed its hope that the grouping of major global oil producers will continue to function.

The 'UAE announced on Tuesday that it would be leaving the Organization of Petroleum Exporting countries, dealing a serious blow to the group at a moment when a unprecedented energy crisis caused by the Iran War has exposed the discord between Gulf nations.

Kremlin spokesperson?Dmitry Peskov has praised OPEC+ as an important organisation. This is especially true in the current turmoil on the global markets.

Peskov said in a daily press conference that "this format helps substantially, say, to minimise fluctuations on energy markets, and makes it possible for those markets to be stabilised."

Peskov stated that Russia respects the UAE's decision, but hopes Moscow's energy dialog with 'the 'Gulf state will continue.

In 2016, Russia joined OPEC+. According to estimates by the International Energy Agency, OPEC+ produced approximately?50% percent of world oil and oil liquids in 2016. OPEC+'s fourth-largest producer was the?UAE, while Russia came in second behind Saudi Arabia. (Reporting and writing by Dmitry Antonov, Darya Corsunskaya, Vladimir Soldatkin. Editing by Andrew Osborn.)

(source: Reuters)