Russia says UAE's exit from OPEC will increase global production, bring down oil prices in future

Russian Finance Minister Anton Siluanov said the UAE's exit from OPEC would lead oil-producing countries to boost output, which he expects to push global oil prices lower in the future. The comment points to a potentially softer supply backdrop for crude markets. The article is a policy-and-market outlook note rather than an immediate price-moving event.

Analysis

Russian Finance Minister Anton Siluanov said the UAE's exit from OPEC would lead oil-producing countries to boost output, which he expects to push global oil prices lower in the future. The comment points to a potentially softer supply backdrop for crude markets. The article is a policy-and-market outlook note rather than an immediate price-moving event.