Russia says UAE withdrawal from OPEC, OPEC+ ‘sovereign decision’

Russia said Wednesday that the United Arab Emirates’ withdrawal from the OPEC oil producer group and OPEC+ is a “sovereign decision.”

“This is a sovereign decision of the United Arab Emirates, and we respect it,” Kremlin spokesman Dmitry Peskov told reporters in a press briefing.

Saying that Russia welcomes Abu Dhabi’s statements that the UAE will continue to take a responsible position in energy markets and coordinate bilaterally, Peskov added that Moscow expects to continue “constructive and effective” contacts with the Gulf country, including through energy dialogue.

Peskov also stated Moscow’s hope that OPEC+ will be preserved despite the UAE’s withdrawal, praising the platform as a “very important area of work, particularly crucial in the current climate, when energy markets are, to put it mildly, in turmoil.”

“This format allows for significant minimization of fluctuations in non-energy markets and helps stabilize these markets,” he added.

On Tuesday, the UAE announced it would leave OPEC and the wider OPEC+, marking one of the most significant ruptures inside the oil producer group in years.

The decision comes as global energy markets face severe disruption from the US-Israeli war against Iran, driving crude prices sharply higher and intensifying concerns about the security of supply from the Gulf.

The UAE has been a member of OPEC since 1967, while Russia is a member of OPEC+.

In the wake of the UAE’s surprise withdrawal from OPEC, Peskov also said that Russia is not considering leaving the OPEC+ format.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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