The UAE and Russia have signed a declaration of strategic partnership during Crown Prince Sheikh Mohamed bin Zayed’s visit to Moscow, Reuters reported.

The agreement covers various sectors including cooperation in the oil and gas field.

This cooperation is aimed at providing balance and stability on the global oil market, the declaration said.

“Our joint efforts, including those of our friends in Saudi Arabia and in OPEC in general, have yielded good results for the stabilization of the hydrocarbon market,” Russian President Vladimir Putin said, according to Reuters.

Further details on the agreement have not yet been released.