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Kremlin: Russia and UAE Presidents Discuss Work to Ensure Stability of Global Oil Market

© Sputnik / Maksim Bogodvid / Go to the mediabankAn oil pumpjack is seen in Almetyevsk District, Tatarstan, Russia.
An oil pumpjack is seen in Almetyevsk District, Tatarstan, Russia. - Sputnik International, 1920, 07.12.2022
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MOSCOW (Sputnik) - Russian President Vladimir Putin and UAE President Mohamed bin Zayed Al Nahyan have held a phone conversation, during which they noted the effectiveness of their joint work within the framework of OPEC+ to ensure the stability of the global oil market, the Kremlin said in a statement.

"They noted the effectiveness of joint work within the framework of OPEC+ to ensure the stability of the world oil market. They noted with satisfaction consistent implementation by all participating states of the agreed decisions," the Kremlin said in a statement.

The presidents also discussed the situation in connection with the West's attempts to impose a price cap on oil from Russia, the statement added.
A price cap on Russian oil was agreed upon by the European Union, G7 nations and Australia at $60 per barrel, and came into effect on 5 December. Moscow stressed it won't comply with the cap and won't sell oil to those who adopted it, calling the cap a brazen attempt to manipulate “the basic principles of free markets."
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