Russia plans to stay in OPEC+ despite a decision by the United Arab Emirates (UAE) to leave, the Kremlin has said, voicing hopes the alliance of oil producers would continue to operate amid turmoil in the global energy market, according to Reuters.

Kremlin spokesman Dmitry Peskov says OPEC+ remains an important organisation, especially during current turmoil on global markets.

“This format helps to substantially, let’s say, minimise fluctuations in energy markets and makes it possible to stabilise those markets,” Peskov tells a daily conference call with reporters.