Russia says UAE's exit from OPEC will increase global production, bring down oil prices
- Country:
- Russia
Russian Finance Minister Anton Siluanov said on Wednesday that the decision by the United Arab Emirates to leave OPEC will mean the oil producing countries will boost production, bringing down global prices in the future.
"If OPEC countries conduct their policies in an uncoordinated manner (after UAE exit) and produce as much oil as their production capacities allow and as much as they want, prices will go down accordingly," Siluanov said.
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