Russia’s Deputy Prime Minister Alexander Novak
Russia’s Deputy Prime Minister Alexander Novak said on Thursday that the OPEC+ group of leading oil producers would continue working together despite the departure of the UAE, Russian news agencies reported. 
According to the reports, Novak said he did not expect an oil price war to emerge following the UAE’s exit given a global oil deficit.
“In the current situation, it is hard to talk about a price war when there is a shortage in the market. What we are seeing instead is the deepest crisis in the industry,” Novak said.
“Large volumes of oil are not reaching the market today, while demand significantly exceeds supply. This has created an imbalance due to serious logistical disruptions, including the situation in the Middle East,” Novak said according to Interfax.
Russia’s Deputy Prime Minister Alexander Novak
Russia’s Deputy Prime Minister Alexander Novak said on Thursday that the OPEC+ group of leading oil producers would continue working together despite the departure of the UAE, Russian news agencies reported.
According to the reports, Novak said he did not expect an oil price war to emerge following the UAE’s exit given a global oil deficit.
“In the current situation, it is hard to talk about a price war when there is a shortage in the market. What we are seeing instead is the deepest crisis in the industry,” Novak said.
“Large volumes of oil are not reaching the market today, while demand significantly exceeds supply. This has created an imbalance due to serious logistical disruptions, including the situation in the Middle East,” Novak said according to Interfax.
