The oil minister of the major oil-producing nations met in Jeddah on Sunday to discuss the impact of US-Iran tensions on the energy markets and the disruptive effect of Tehran’s sabotage attacks on Gulf tankers and pumping stations last week. They are also considering how US sanctions on Iranian oil exports relate to the cartel’s agreed production quotas and prices. The meeting is attended by the Russian minister but not Iran’s. The participants were informed that the level of Iran’s oil sales plummeted in May from 1.4 million bpd to half-a-million bpd. Before the meeting, the host Saudi Arabia said it does not seek war with Iran, but is ready to defend its interests. The meeting is set to make recommendations ahead of a key OPEC summit in late June, to be attended by Iran.