MOSCOW, April 29 (Xinhua) -- Russia will remain in the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, and welcomes the intention of the United Arab Emirates (UAE) to adopt a responsible stance in global energy markets after leaving the oil alliance, Kremlin spokesman Dmitry Peskov said on Wednesday.
On Tuesday, the UAE announced it would withdraw from OPEC and the broader OPEC+ alliance, effective May 1. The move removes the bloc's third-largest oil producer and further weakens its influence over global oil supplies and prices.
"This is a sovereign decision by the United Arab Emirates. We respect it," Peskov said during his daily press briefing.
"We welcome the statements that came from Abu Dhabi that the Emirates will continue to take a responsible position in the energy markets and coordinate on a bilateral basis," Peskov told the press, adding that Russia expects to maintain ongoing constructive engagement with the UAE, including under the framework of the bilateral energy dialogue.
Moscow hopes the UAE's withdrawal from OPEC+ will not bring the mechanism to an end. "We would very much hope so," Peskov said when asked whether the Kremlin believes the UAE's departure does not spell the end of the OPEC+ grouping.
Peskov described the OPEC+ format as particularly vital amid current market conditions, as global energy markets are in turmoil.
OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to coordinate oil production policies and safeguard the interests of major oil-exporting nations by ensuring stable revenue streams for member states.
The UAE joined OPEC in 1967, and its departure will leave the bloc with 11 members. The broader OPEC+ alliance comprises an additional 10 non-OPEC oil producers. ■