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Russia has no plans to leave OPEC+, says Deputy Prime Minister Novak
Russia's Deputy Prime Minister Alexander Novak confirmed Moscow's continued participation in OPEC+, stating the agreement effectively mitigates oil market risks. The remarks come as the UAE's withdrawal from both OPEC and OPEC+ took effect in May 2026. Analysts suggest this may lead to a more flexible Russian approach within the alliance.
Russia has no intention of leaving the OPEC+ agreement, as the alliance effectively mitigates oil market risks during times of crisis, according to Russian Deputy Prime Minister Alexander Novak. His remarks, reported by TASS, were made at the Caucasus Investment Forum and come as the United Arab Emirates' withdrawal from both OPEC and OPEC+ took effect on May 1, 2026.
Coverage Comparison
Coverage from TASS, which serves as a primary source for the Russian government's positions, features Novak's assertions prominently. The state news agency's reports relay his promises that OPEC+ countries will continue to work together despite the UAE's departure.
Novak also framed the UAE's departure as a "sovereign decision." He emphasised the longevity of the country's participation in the broader oil pact, which he said has shown positive results over the last decade.
Key Claims
Russia has no plans to leave OPEC+: Novak stated, "As the largest oil-producing country, we have no plans to leave this cooperation because we believe it effectively mitigates oil market risks during a crisis, allows us to maintain our investment strategy, industry development prospects, and ongoing cooperation between countries."
OPEC+ will continue despite UAE withdrawal: Novak expressed confidence that the group's members will continue to work together, saying, "We will continue to work together. I think each country will speak for itself."
Oil market in 'profound crisis' due to supply shortage: Novak claimed that the oil industry faces a "profound crisis" caused by a supply shortage, stating, "A huge amount of oil is not entering the market today. Demand significantly exceeds supply. We see an imbalance due to serious logistical difficulties and the situation in the Middle East."
Price war ruled out: He dismissed the possibility of a price war following the UAE's exit, asking, "How can there be a price war when there is a shortage on the market?"
Russia to pursue flexible coordination: Igbal Guliyev, Dean of the Faculty of Financial Economics at MGIMO University, suggested that Moscow will rely less on "rigid collective restrictions and more on flexible coordination" with partners within OPEC+.
Perspectives
Russian Government: The deputy prime minister projects confidence in the resilience of the OPEC+ format, even as the UAE departs. Moscow frames the move as a choice made by a sovereign state and plays down its potentially disruptive impact.
Russian Analyst: An economist cited by TASS believes the UAE's exit strengthens OPEC+'s role as a stabilising force. He anticipates Russia will leverage bilateral deals and political coordination with established partners in this evolving landscape.
How this outlet told it
TASS — English
Framing: Russia's commitment to OPEC+ — Neutral
Facts Included:
Russia has no plans to leave OPEC+
OPEC+ helps mitigate oil market risks during times of crisis
UAE's withdrawal from OPEC and OPEC+
OPEC+ countries will continue to work together despite UAE's withdrawal
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status counts the distinct outlets we found asserting it — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimRussia has no plans to leave OPEC+, as the agreement helps mitigate oil market risks during times of crisis.