Pakistan, April 30 -- Russia said the OPEC+ group will continue operating despite the UAE's exit, easing fears of disruption. Deputy Prime Minister Alexander Novak ruled out an oil price war, citing a global supply deficit. The development matters for energy markets, as producers and consumers face ongoing volatility.

Speaking to Russian media, Novak stressed that cooperation among major oil producers would remain intact. He noted that current market conditions make a price war unlikely, as demand continues to outpace supply. Therefore, the alliance is expected to maintain stability despite internal changes.

Read more: UAE quits OPEC in major shock move

The United Arab Emirates announced its decision to quit OPEC earlier this week. The...