Russia Assures OPEC+ Continuation Despite UAE Exit, No Price War Anticipated
Russia's Deputy Prime Minister Alexander Novak stated that OPEC+ will continue functioning despite the UAE's exit, and no price war is expected due to a global oil deficit. The UAE's departure has caused discord among Gulf nations amid an energy crisis triggered by the Iran war. Russia remains committed to OPEC+'s production regulation mechanism.
Topics: global oil deficit oil price war OPEC+ Russia Strait of Hormuz closure UAE exit