Russia, UAE mulling use of Russian equipment in UAE energy projects - Deputy PM Novak

ABU DHABI. Dec 6 (Interfax) - Russia and the United Arab Emirates (UAE) are exploring options for employing Russian equipment in energy projects in that country, Russian Deputy Prime Minister and Energy Minister Alexander Novak said.

"We are exploring joint projects to certify equipment and use Russian equipment in projects in the UAE, and we're trading in oil and petroleum products on a mutually beneficial basis. I am sure that today's negotiations will add a new impetus to the development of our cooperation in the energy sector," Novak said on the sidelines of Russian-UAE top-level negotiations on Wednesday.

The UAE is among Russia's leading strategic partners in the energy sector, Novak said. "We also cooperate in a multilateral format, such as OPEC+, and participate together in the Gas Exporting Countries Forum and other energy formats," Novak said.

Asked by journalists to comment on the OPEC+ countries' decision to reduce oil production by 2.2 million barrels a day, Novak said, "This is a positive message for the market, since in order to balance the low market, OPEC+ countries will reduce their supplies to global markets to balance demand and supply and ensure the industry's stable operations. Such decisions have been made for the first quarter. But I'll remind you that we have agreements valid till the end of 2024, and the decisions made last April on further reductions by 1.66 million barrels a day remain valid till the end of 2024. And there will be further reductions in the winter period to balance the market," Novak said.

However, he suggested that these decisions might be adjusted in the future.

"The current situation dictates the need to make a decision on reducing supply, but as demand grows, balancing decisions are likely to be made in the opposite direction," Novak said.