Finance
Russia Says It's Maintaining Oil Supplies but Has No New Opec+ Initiatives
Published by Global Banking & Finance Review®
Posted on April 23, 2026
2 min readLast updated: April 23, 2026
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Russia confirms continued oil exports to help stabilize global prices amid the Iran war‑triggered energy crisis, but says it has no new proposals within OPEC+ at this time.
Russia Maintains Oil Flow with No New OPEC+ Proposals Amid Ongoing Crisis
Russia's Position and Actions in the Global Oil Market
Maintaining Oil Supply Amid Crisis
MOSCOW, April 23 (Reuters) - Russia is maintaining the flow of its oil to world markets and thereby helping to limit the impact of the crisis triggered by the Iran war, but it has no specific initiative to propose within OPEC+, the Kremlin said on Thursday.
Kremlin's Statement on Energy Stability
"At the moment, we are making our contribution to stabilizing prices and minimizing the consequences of the global energy crisis. Russia continues its oil supplies," Kremlin spokesman Dmitry Peskov told a daily conference call with reporters.
Market Dynamics and Lack of New Initiatives
"Demand is growing, while the amount of oil offered on the market is not increasing but, on the contrary, declining. There are no other initiatives on the agenda at this time," he said.
Global Energy Crisis and OPEC+ Role
The world is living through the worst energy crisis it has ever faced due to the fallout from the war in Iran, according to the International Energy Agency, as rising oil prices fuel inflation.
Russia is a key player within the 22-nation OPEC+ grouping, which also includes Iran.
OPEC+ Production Decisions and Future Meetings
In recent years only eight countries of the group have been involved in monthly production decisions, and they started in 2025 to unwind previously agreed output cuts to regain market share. They will hold their next meeting on May 3.
Recent OPEC+ Output Agreement
OPEC+ agreed in early April to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.
(Reporting by Dmitry Antonov Writing by Maxim Rodionov and Vladimir Soldatkin;Editing by Mark Trevelyan)
Key Takeaways
- •Russia is maintaining oil supplies despite global energy turmoil driven by the Iran war, aiming to stabilize markets but offering no new OPEC+ initiatives.
- •OPEC+ plans a modest 206,000 bpd quota increase for May, largely symbolic as Gulf producers remain constrained by disruptions around the Strait of Hormuz.
- •The International Energy Agency warns the current energy shock—fuelled by the Iran conflict—is the worst since the 1970s, prompting emergency releases and raising fears of stagflation.
Frequently Asked Questions about Russia says it's maintaining oil supplies but has no new OPEC+ initiatives
1Is Russia continuing its oil exports despite the crisis?
Yes, Russia is maintaining its oil supplies to world markets, aiming to help stabilize prices and limit the impact of the ongoing global energy crisis.
2Has Russia proposed any new initiatives within OPEC+?
No, Russia has not proposed any new initiatives within OPEC+ at this time.
3What is the main reason for the current global energy crisis?
The global energy crisis is mainly triggered by the war in Iran, leading to rising oil prices and inflation, according to the International Energy Agency.
4When is the next OPEC+ meeting scheduled?
The next OPEC+ meeting is scheduled for May 3.
5Did OPEC+ agree to increase oil production quotas?
Yes, OPEC+ agreed to raise oil output quotas by 206,000 barrels per day for May, but key members are unable to significantly increase production due to ongoing conflicts.
