UAE set to cooperate with Russia on energy market balance

Moscow is playing a key role in efforts to maintain balance of the energy market, said United Arab Emirates’ energy minister Suhail Al Mazrouei.

"The UAE has substantial investments in the Russian energy market and more projects, particularly in the petrochemical sector, are in the pipeline," he said during a visit to Kazakhstan.

In response to a question on whether oil prices are dictated by politics or by economy, he said: "It is a complicated process because there are multiple factors that influence the prices, including the supply and demand. Yet, there is no doubt that politics and geopolitical issues play a significant role.”

"There is no necessity for competition. The world needs both Russia and OPEC. The OPEC countries need Russia and likewise, Russia needs OPEC," he added.