Energy Ministers: The UAE and Saudi Arabia are doing their part to stabilize the oil markets

On Tuesday, the energy ministers of Saudi Arabia and the United Arab Emirates, two of the world’s largest energy producers, said that the two countries had done their part in balancing the oil market.

“We have only one task: to stabilize the market. Therefore, we cannot politicize the organization or bring political issues … Our goal is to calm the market,” UAE Energy Minister Suhail Al Mazrouei said at an energy conference.

The two Gulf states, which are allies of the United States, are members of the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ group that includes OPEC as well as other major producers such as Russia and Mexico.

OPEC+ has come under increasing pressure to pump more crude since Russia, the largest producer in the OPEC+ group, invaded Ukraine on Feb. 28 and Western countries imposed sanctions in response that restricted Russia’s oil exports.