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

"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," FM Siluanov said.

Moscow: 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.