The global oil market is experiencing a deep crisis, with large volumes of oil not reaching the market, Russian Deputy Prime Minister Alexander Novak said.
"Therefore, we see that a profound crisis in the industry continues. A huge amount of oil is not entering the market today. Demand significantly exceeds supply. Of course, we see an imbalance due to serious logistical difficulties and the situation in the Middle East," Novak said.
He noted that all this is negatively impacting the market, "but overall, we believe that this is also not a positive factor for the oil industry, because consumers are forced to seek alternative sources due to high prices."
The deputy PM stressed that Russia has no plans to leave OPEC+, as the agreement helps mitigate oil market risks during times of crisis.
"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," Novak said.
The official assured that OPEC+ countries will continue to work together despite the UAE's withdrawal from OPEC and OPEC+.
Earlier this week the it was reported that the UAE had made a decision to exit OPEC and OPEC+ effective May 1, 2026.
