Moscow: Russia has reaffirmed its commitment to the OPEC+ alliance, a coalition of oil-producing nations aimed at stabilizing the global oil market. Russian Deputy Prime Minister Alexander Novak stated on Thursday that Russia, as a significant player in the oil industry, has no plans to exit the alliance.
According to Yemen News Agency, Novak made these remarks at the Caucasus Investment Forum, emphasizing the importance of the alliance. He stated, "As the world's largest oil producer, we do not intend to end this cooperation." Novak highlighted that this collaboration is crucial in mitigating risks in the oil market, particularly during times of crisis.
Novak further elaborated that this cooperation allows Russia to maintain its investment strategy and explore future developments in the oil sector. He stressed the importance of ongoing collaboration between member countries to ensure market stability.
The Deputy Prime Minister also addressed the current dynamics of the global oil market, noting that demand currently surpasses supply. He attributed this imbalance to the ongoing situation in the Middle East, underscoring the need for continued efforts within the OPEC+ framework to address these challenges.