Russian, UAE presidents discuss OPEC+, oil price cap

12:27 Wed, 01 February

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07.Dec .2022 23:00

Russian, UAE presidents discuss OPEC+, oil price cap

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President Vladimir Putin on Wednesday held a phone conversation with his UAE counterpart Sheikh Mohamed bin Zayed Al Nahyan to discuss OPEC+ cooperation and a price cap imposed on Russian crude oil, a Kremlin statement said.

Putin and Sheikh Mohamed praised the joint work in OPEC+ format on stabilization of the oil markets, the statement said.

"The effectiveness of joint work within the framework of OPEC+ to ensure the stability of the world oil market was noted. The consistent implementation of the agreed decisions by all participating states was noted with satisfaction.

"In this context, the attempts of a number of Western countries to introduce anti-market restrictions on the cost of Russian crude oil that contradict the principles of world trade were touched upon," it said.

The two leaders also discussed bilateral cooperation, and Putin congratulated Sheikh Mohammed on the UAE National Day, which is celebrated on Dec. 2.

Despite a $60-per-barrel price cap on seaborne Russian crude, OPEC+ has stuck to its oil output targets.

The 13-nation Organization of the Petroleum Exporting Countries (OPEC), and its 10 allies, known as OPEC+, agreed in October to reduce output by 2 million barrels per day (bpd) from November. The US, however, had urged to pump more to lower fuel prices, AA reports.