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UAE’s return to OPEC+ possible if country wishes — Novak

The Russian deputy prime minister said that OPEC+ operates jointly, making decisions on a voluntary basis only

ST. PETERSBURG, June 5. /TASS/. The United Arab Emirates could return to OPEC+ if it wishes, Deputy Prime Minister Alexander Novak said.

"In general, OPEC+ is not a regulated organization, it is a voluntary community, and it operates jointly, making decisions on a voluntary basis only. Of course, just as one can join voluntarily, so one can leave voluntarily. This is the right of sovereign states," he said in an interview in the Vesti program on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

OPEC+ is an effective tool that must be maintained for industry cooperation, reducing global price volatility, creating long-term conditions for attracting investment, and ensuring global energy security, Novak added.

The St. Petersburg International Economic Forum is taking place on June 3-6. This year’s theme is "Pragmatic Dialogue: the Path to a Stable Future." The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.

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United Arab Emirates Alexander Novak

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