Russia has warned that the United Arab Emirates’ shock exit from Opec will drive a fall in oil prices once the Middle East conflict ends, but has confirmed that it intends to remain within the wider Opec+ alliance.
Russia’s finance minister Anton Siluanov said on Wednesday that without limits imposed by the oil cartel, the UAE would probably pump oil at will.
Today, the market “is constrained by the Strait of Hormuz, but what will happen tomorrow?” Siluanov said. “What will happen if Opec countries pursue their policies in an uncoordinated way? Prices will go down.”
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