MOSCOW

Russia's president on Tuesday said a recent decision by OPEC+ countries to reduce oil production was made to stabilize energy markets. 

Speaking at a meeting with UAE President Mohamed bin Zayed Al Nahyan in St. Petersburg, Vladimir Putin said the actions of OPEC+ were not against anybody.

"Our actions are aimed at creating stability in the global energy markets, so that both consumers of energy resources and those engaged in mining, suppliers to world markets, feel calm, stable and confident. So that both supply and consumption are balanced.

"Therefore, we always respond to the needs of the market, we try to do it adequately to the events taking place," he said.

Contacts between the UAE and Russia have developed over 50 years of diplomatic ties, said Putin, adding that despite the difficulty of the current global situation, their ties served as stabilizing factor in the region and the world.

Putin thanked al Nahyan for his country's mediation that helped resolve some "sensitive humanitarian issues."

"I'm aware of your concern about the development of the situation in general and about your desire to contribute to the settlement of all controversial issues, including the crisis that is taking place today on Ukraine.

"I'd like to note that this is indeed a significant factor that makes it possible to use your influence in order to move towards resolving the situation," he said.

Putin also promised to inform al Nahyan of the situation of the Zaporizhzhia nuclear power plant.

He noted that the trade turnover between Russia and the UAE had grown by 65% last year and 17% this year.

"It's very important for me to discuss the situation in the region with you. There are also many problems there. The role and influence of the United Arab Emirates on the situation in the region itself is, of course, very high, and it's very important for me to discuss with you issues related to the situation in and around Syria," he said.

For his part, al Nahyan said that in pecuniary terms, trade turnover between Russia and the UAE had doubled in the last three years from $2.5 billion to $5 billion.

Besides this, about 500,000 Russian tourists visit the UAE​​​​​​​ yearly, while 4,000 Russian firms operate in the UAE, he added.

"I hope that in the coming years, we'll be able to significantly increase all these indicators," he said.