Energy ministers from OPEC and its allies met to discuss prices and production cuts, in Jiddah, Saudi Arabia, Sunday, May 19, 2019. The meeting took place as tensions flare in the Persian Gulf after the U.S. ordered bombers and an aircraft carrier to the region over an unexplained threat they perceive from Iran, which comes a year after the U.S. unilaterally pulled out of Tehran’s nuclear deal with world powers and reimposed sanctions on Iranian oil. Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages. It was less clear how far Russia, their main partner in the wider OPEC+ producers’ coalition, shared that view. While most nations at a meeting in the kingdom on Sunday supported extending production cuts to the end of 2019, Russian Energy Minister Alexander Novak […]