Global oil prices could rise by another approximately $100 per barrel under new restrictions on Russian oil and exceed $250 per barrel, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said.
According to OPEC, Russian oil accounted for the majority of India and China's oil imports in March of this year.
Oil production in OPEC countries dropped in April 2026 by 420,000 barrels per day to a 36-year minimum, Bloomberg reported.
The United Arab Emirates withdrew from the Organization of Arab Petroleum Exporting Countries (OAPEC) from May 1, the organization said in a statement.
Seven key OPEC+ members (Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria) have decided to raise oil output quotas by 188,000 barrels per day (bpd) in June, the group said in a joint statement.
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.
Russia is not considering exiting the OPEC+ format, Kremlin Spokesman Dmitry Peskov said.
The United Arab Emirates exit from OPEC would be painful for the oil cartel, undermining Saudi Arabia’s ability to influence global oil prices through it, the Canadian newspaper The Globe and Mail said.
The United Arab Emirates decision to leave OPEC is a "sovereign, strategic choice" based on the country's long-term economic vision, UAE Foreign Ministry communications director Afra Mahash Al Hameli said.
The United Arab Emirates decided to exit from OPEC and OPEC+ from May 1 of this year, WAM state agency said.
Abu Dhabi will not sever ties with oil-exporting countries after leaving OPEC
The UAE's state news agency WAM reported that the UAE intends to leave OPEC and OPEC+
Crude oil production in the major Gulf Arab exporters plunged in March due to the Iran war, according to data released by OPEC.
Eight leading OPEC+ countries have decided to increase oil production by 206,000 barrels per day (bpd) in May (compared to April levels), the organization’s statement said.
The OPEC+ nations have noted the high oil market volatility amid the geopolitical tensions stemming from the development around Venezuela and Iran, Russian Deputy Prime Minister Alexander Novak said.
The eight OPEC+ nations have agreed to pause production increments in March 2026 and keep oil production quotas at the December 2025 level, OPEC said after their meeting.
OPEC+ member states adhering to voluntary production cuts will lower their combined maximum permissible oil output starting in January, with a reduction of 148,000 barrels per day.
The global oil market remains sensitive to demand-supply fluctuations and OPEC+ nations will take additional measures to maintain its stability, Russian Deputy Prime Minister Alexander Novak said.
OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the U.S. imposed new sanctions on Russian oil majors, Kuwait's oil minister Tariq Al-Roumi said.
Eight OPEC+ countries have agreed to increase oil production in October. Media reports suggest this decision could mark the beginning of a phased exit from existing production cuts, though discussions are still ongoing.
