Russia Dismisses Price War Fears Following UAE Departure From OPEC+

Russia will remain in the OPEC+ group alongside the remaining OPEC members and doesn’t expect a price war following the abrupt exit of the United Arab Emirates, Russia’s Deputy Prime Minister Alexander Novak said on Thursday. In a surprise announcement earlier this week, the United Arab Emirates (UAE) said it is quitting OPEC and the wider OPEC+ alliance effective May 1, to pursue its national interests. For years, the UAE has been working to boost its crude oil production capacity to 5 million barrels per day (bpd)…