ST. PETERSBURG, Russia (AP) — Russian President Vladimir Putin on Tuesday hailed a recent resolution by OPEC, Russia and other oil-producing nations to restrict production as key to stabilizing the global oil market. he power when he met with the leader of the United Arab Emirates to discuss fostering economic ties.
Speaking at the start of his talks in St. Petersburg with Sheikh Mohammed bin Zayed Al Nahyan, the ruler of Abu Dhabi and president of the United Arab Emirates, Putin praised the ties between the two countries in terms of regional and global stability.
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“Despite all the difficulties that exist in foreign relations, ties between Russia and the UAE are a vital thing for stability in the region and around the world,” Putin said at the beginning of his talks with Al Nahyan.
The Russian leader highlighted Al Nahyan’s decision over OPEC’s resolution that includes Russia to restrict oil production to oil prices and said that “our resolutions, our action are not directed against anyone. “
Putin said: “Our moves are aimed at ensuring the stability of global energy markets so that consumers of energy resources and those interested in production and source feel calm, solid and confident, to balance source and demand. “
OPEC’s resolution to cut oil production by 2 million barrels a day outraged the West, where many saw it as a move that would help Putin fund Russia’s action in Ukraine. The production cut will likely also hit President Joe Biden and Democrats with emerging gas costs. just before the U. S. midterm elections.
The UAE has maintained close industrial ties with Russia and has sought to avoid joining sanctions imposed through the US. The US and its Western allies in the wake of Moscow’s action in Ukraine.
Putin praised Al Nahyan for his mediation efforts that helped in some “really sensitive humanitarian issues” in Ukraine. in Ukraine,” Putin said.
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