Russia-Ukraine war: Putin talks oil with UAE leader before Opec+ meeting

Russia’s President Vladimir Putin spoke with Abu Dhabi Crown Prince Mohammed bin Zayed (MBZ) on Tuesday over the necessity for continued coordination over Opec+, as oil costs once more traded above $100 a barrel towards the backdrop of the Ukraine battle.

Putin and MBZ mentioned “supporting stability within the international vitality market”, in accordance with a Kremlin assertion on Tuesday.

Russia-Ukraine conflict: All eyes on Opec amid hovering oil costs

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Opec+, a 23-nation alliance that features Saudi Arabia, the United Arab Emirates, and Russia, will meet on Wednesday, the place it’s anticipated to maintain rising manufacturing solely steadily, in accordance with the Saudi Press company.

On Sunday, the dominion confirmed its dedication to an Opec+ settlement with Russia and its allies.

Russia’s invasion of Ukraine has despatched oil costs leaping above $100 for the primary time since 2014, and intensifying sanctions by the West have raised questions as as to if international locations similar to Saudi Arabia will likely be keen to step up manufacturing to assist average costs.

US President Joe Biden has tried to place stress on Saudi Arabia and the UAE to extend oil manufacturing, however they’ve to date rejected the administration’s calls.

Riyadh and Abu Dhabi have the most important spare capacities – additional quantity of manufacturing that may be simply and shortly exported – amongst all of the Opec international locations.

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Consultants beforehand advised MEE that in accordance with present developments out there, the value of a barrel of oil may attain as a lot as $120, making a heavy burden for a lot of international locations all over the world already reeling from the financial impression of the Covid-19 pandemic.

Abstention on Ukraine

Throughout Tuesday’s telephone name, MBZ burdened the necessity for a “peaceable decision” that “would assure the curiosity of all events and their nationwide safety”, UAE state media stated.

Russia’s TASS information company reported that Putin “outlined the explanations, targets and goals of the Russian particular navy operation in Ukraine… In flip, Mohamed bin Zayed Al Nahyan reaffirmed that Russia has a proper to make sure nationwide safety”.

Russia-Ukraine conflict: UAE not ‘taking sides’ as Gulf international locations stay quiet

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The decision between the 2 leaders comes because the US, UK, the European Union, and different western allies imposed sanctions on Moscow which might be aimed toward limiting its means to entry the worldwide banking system and import key applied sciences from the West.

The UAE, nevertheless, has remained comparatively quiet in regards to the invasion. On the United Nations Common Meeting on Monday, the nation burdened the necessity for a ceasefire between the events in Ukraine, however throughout its remarks made no point out of Russia.

Abu Dhabi additionally joined China and India in abstaining from the vote on a UN decision on Friday that condemned Russia’s aggression. The UAE later stated that the veto by Moscow – a everlasting member of the UN Safety Council – meant the vote was a “foregone conclusion” and “avenues for dialogue should stay open”.

Russian Overseas Minister Sergei Lavrov was scheduled to fulfill along with his UAE counterpart Abdullah bin Zayed in Moscow on Monday, however the assembly was cancelled with out clarification.

Whereas it has been one of many US’s prime allies within the Center East, the small Gulf emirate has additionally cast ties with Moscow over the previous a number of years and has invested billions of {dollars} in Russia via certainly one of its wealth funds.