Putin speaks with UAE President as oil prices surge

UAE President Sheikh Khalifa bin Zayed Al Nahyan spoke with Russian President Putin as oil prices surged. Putin stressed the need for continued coordination over the Organization of Petroleum Exporting Countries (OPEC+) to support stability in the global energy market. The 23-nation alliance led by UAE and Russia expects to gradually increase production despite its $100 increase per barrel after Russia invaded Ukraine. On Saturday (February 26), U.S. President Joe Biden urged oil companies to avoid exploiting the situation to inflate prices and raise their profits. Concerned about growing fuel costs for American motorists, Biden's administration has compelled the prime OPEC members, including Saudi Arabia and the UAE, to pump faster. The UAE, China, and India agreed to abstain from a United Nations resolution. The countries condemn the attacks against Ukraine, saying that "avenues for dialogue must remain open." JMS/Expat Media
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