Russia is a member of the Opec+ group of countries and has been coordinating its policies with Opec members. Russia is seen as the main beneficiary of the spike in global oil prices due to the war in the Middle East.

“Today we hear that one of the countries, the United Arab Emirates, is leaving Opec. What does this mean? It means that the country can produce as much oil as its production capacities allow and release it onto the market,” Siluanov said.

Siluanov’s comments marked Russia’s first reaction to the surprise UAE exit. Russia has strong ties with both the UAE and Opec leader Saudi Arabia.

“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,” he added.

He stressed that for now the oil prices were supported by the blockade of the Strait of Hormuz, and that his predictions of oversupply referred to the situation when the passage would open at some point in the future.