Moscow is playing a key role in the efforts to maintain energy market balance, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE's Minister of Energy.

Al Mazrouei made the remarks during a visit to Kazakhstan to attend the UAE Day at the country's Pavilion in Astana EXPO 2017.

"The UAE attaches great importance to the Russian market. the UAE has substantial investments in the Russian energy market and more projects, particulary in the petrochemical sector, are in the pipeline," Al Mazrouei told Emirates News Agency (WAM).

Asked if the 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.

On the stereotypical view about a competition between the Gulf countries and Russia in the energy markets, Al Mazrouei said: "Russia's role is rather complementing, not competing, especially in the light of the recent agreement among OPEC and non-OPEC members to cooperate to ensure market balance."

He went on to say: "There is no necessity for competition. The world needs both Russia and OPEC. The OPEC countries need Russia and likewise, Russia needs OPEC."