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Saudi energy minister and Russian counterpart agree on continued coordination

Saudi energy minister and Russian counterpart agree on continued coordination

RIYADH: Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, held a telephone discussion on Monday evening with the Russian Minister of Energy Alexander Novak, in which the two ministers reviewed recent developments in the international oil market.
Among the major topics of discussion was the June 23rd statement of the OPEC and non-OPEC Ministerial Meeting in Vienna to adjust the collective overall conformity from its May 2018 level of 147% to 100%, starting July 1st, which is approximately equivalent to an additional one million barrels a day.
Al-Falih, as the chairman of the Joint Ministerial Monitoring Committee (JMMC), and Novak as co-chairman discussed the need to modify the current monitoring process to reflect the agreed objective of adjusting overall conformity to 100% as per the OPEC and non-OPEC statement.
They also agreed to task the Joint Technical Committee (JTC) with developing and recommending a suitable process for the consideration of the JMMC.
The ministers also agreed to continue close bilateral coordination and consultation, and among other producing partners in the Declaration of Cooperation in the interest of producers, consumers and the global economy.

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