TASS reports: The UAE’s withdrawal from OPEC increases the role of the OPEC+ format in stabilizing the oil market and protecting Russia’s export interests, Dean of the Faculty of Financial Economics at MGIMO University Igbal Guliyev told TASS. "The weakening of internal coordination within OPEC increases the importance of the OPEC+ format as a key mechanism for stabilizing the global oil market," the expert said. According to the economist, this does not mean the end of oil diplomacy for Moscow, but rather its transition to a more flexible model of interaction.
"In such a model, bilateral agreements become key, as well as political coordination with our established partners," Guliyev explained. He believes that "under conditions of weakening internal discipline within OPEC, Russia will rely less on rigid collective restrictions and more on flexible coordination of production parameters and market signals with partners within OPEC+." Speaking about other major oil producers – the United States, Brazil, Canada, and Norway – the expert noted that they may attempt to strengthen their positions, but their opportunities are currently limited by the structure of their own industries.
Background
"These countries may try to strengthen their positions, but their growth will depend on investment, the pace of development and the overall price environment, not solely on the weakening of OPEC," the analyst concluded. The UAE’s decision to withdraw from OPEC and OPEC+ took effect on May 1, 2026. On May 3, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced the UAE’s withdrawal from the group effective May 1.
Key facts
- "The weakening of internal coordination within OPEC increases the importance of the OPEC+ format as a key mechanism for stabilizing the global oil market," the expert said.
- According to the economist, this does not mean the end of oil diplomacy for Moscow, but rather its transition to a more flexible model of interaction.
- "In such a model, bilateral agreements become key, as well as political coordination with our established partners," Guliyev explained.
What this means
In turn, Sultan Ahmed Al Jaber, head of the Emirati state oil company ADNOC, stated that the UAE’s decision to leave the above-mentioned organizations serves the country’s sovereign interests and is not directed against other states.
Originally reported by TASS. This story has been edited and re-presented by BRIC Team.
