The ministerial monitoring committee of the OPEC countries, associated with other oil-producing states, met on Sunday May 19 in Jeddah, in the presence of Russia, but without Iran, all against a backdrop of tensions in the Gulf.

Despite falling production from Iran and Venezuela, Riyadh and Abu Dhabi felt there was no need to increase production.

The Kingdom of Saudi Arabia and the Gulf Emirate join hands to maintain production at its current level of 1.2 million barrels per day during the ministerial monitoring committee of the Organization of the Petroleum Exporting Countries (OPEC).

Riyadh and Abu Dhabi ensure that we must remain cautious: producing more would swell stocks and lead to a fall in the price of a barrel. However, these two states need oil revenues to support their war effort in Yemen and to clean up their public finances.

At the same time, Iran, hit by American sanctions, produces much less. Saudi Energy Minister Khaled al-Faleh hinted in April that Riyadh was ready to increase its extractions to compensate for falling Iranian exports, but such a move could anger Tehran.

In an already tense context after the sabotage of several Saudi oil tankers near the UAE coast, the neighbors of the Arabian Peninsula preferred not to add to it before a key meeting at the end of June in which Iran will participate.