Saudi Arabia and the United Arab Emirates today expressed "concern" about a possible rise in world oil stocks, despite declines in production in Venezuela and Iran.
At the opening of an OPEC (Organization of Petroleum Exporting Countries) meeting, at a time of tensions in the Gulf, the two major producers argued that there is no reason to increase production.
"We see stocks increasing," Saudi Economy Minister Khaled al-Faleh Jeddah in Saudi Arabia said at the start of the OPEC meeting with other major producers such as Russia.
"None of us wants to see stocks again rising, we have to be cautious," he added, referring to the situation in late 2018 that led to a sharp drop in the price of "black gold" in the international market.
Saudi Arabia is the world's largest oil exporter.
The OPEC meeting is taking place in a scenario of growing tensions in the Persian Gulf and a psychological war between the United States of America and Iran.
Also members of OPEC, the Iranians, whose oil exports are hit hard by US sanctions, did not show up at the meeting.
However, Iran should be the focus of the discussions, following attacks on a Saudi Arabia pipeline, claimed by Yemeni rebels backed by Tehran. These attacks came just days after unclaimed "acts of sabotage" in the Gulf region that also affected Saudi tankers.