<p>On <strong>29 April 2026</strong>, the <span class="key-term" data-definition="The executive authority of the Russian Federation, responsible for foreign policy and strategic decisions (GS2: Polity)">Kremlin</span> announced that Russia will continue its participation in <span class="key-term" data-definition="A coalition of OPEC members plus other major oil‑producing countries, chiefly Russia, formed to coordinate production cuts and stabilize prices (GS3: Economy)">OPEC+</span> despite the recent decision of the <span class="key-term" data-definition="A Gulf state and major oil exporter; its withdrawal from OPEC signals shifting regional dynamics (GS3: Economy)">United Arab Emirates (UAE)</span> to quit the group. The development comes amid an unprecedented <span class="key-term" data-definition="A prolonged shortage of energy supplies caused by geopolitical conflict, leading to price spikes and supply insecurity (GS3: Economy)">energy crisis</span> triggered by the ongoing <span class="key-term" data-definition="The armed conflict between Iran and its adversaries that began in 2024, affecting regional stability and oil flows (GS2: Polity)">Iran war</span>. The situation highlights growing discord among <span class="key-term" data-definition="Countries bordering the Persian Gulf, many of which are major oil exporters; their coordination is crucial for global oil markets (GS3: Economy)">Gulf nations</span>.</p>
<h3>Key Developments</h3>
<ul>
<li>Russia re‑affirmed its commitment to stay in <span class="key-term" data-definition="A coalition of OPEC members plus other major oil‑producing countries, chiefly Russia, formed to coordinate production cuts and stabilize prices (GS3: Economy)">OPEC+</span> on <strong>29 April 2026</strong>.</li>
<li>The <span class="key-term" data-definition="A Gulf state and major oil exporter; its withdrawal from OPEC signals shifting regional dynamics (GS3: Economy)">UAE</span> announced its exit from the <span class="key-term" data-definition="An intergovernmental organization of major oil‑exporting countries that coordinates production policies (GS3: Economy)">Organization of the Petroleum Exporting Countries (OPEC)</span> on the same day.</li>
<li>The move occurs against the backdrop of an <span class="key-term" data-definition="A prolonged shortage of energy supplies caused by geopolitical conflict, leading to price spikes and supply insecurity (GS3: Economy)">energy crisis</span> linked to the <span class="key-term" data-definition="The armed conflict between Iran and its adversaries that began in 2024, affecting regional stability and oil flows (GS2: Polity)">Iran war</span>.</li>
</ul>
<h3>Important Facts</h3>
<p>• <strong>OPEC+</strong> currently includes 23 oil‑producing nations, with Russia being the largest non‑OPEC member. <br>
• The <strong>UAE</strong> contributed roughly 5% of OPEC’s total output before its exit. <br>
• Global oil prices have risen by over 30% since the onset of the <span clas