Saudi energy minister and Russian counterpart agree on continued coordination

Russian Energy Minister Alexander Novak and Saudi Arabian Energy Minister Khalid Al-Falih shake hands ahead of a meeting in Moscow, Russia. (File Photo Reuters)
Updated 03 July 2018
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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.


Luxury residential golf course to be inaugurated at King Abdullah Economic City

Updated 3 min 54 sec ago
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Luxury residential golf course to be inaugurated at King Abdullah Economic City

JEDDAH: A brand new, residential luxury golf course on the Royal Greens Fair is set to be inaugurated in King Abdullah Economic City in the Al-Marooj district from November 24-28.
The golf course of Royal Greens Fair is located within the Royal Greens Golf Community in the Al-Marooj district, and is home to the most iconic residential developments in the region.
It is distinguished from any other residential project in the Kingdom, surrounded by parks, landscaped gardens, a lake, hiking trails and a view of the world-class golf course.
The project is designed to meet all the requirements of family life and is aimed at providing a unique lifestyle in an upscale modern environment.
It is equipped with advanced infrastructure, a rainwater drainage system and a wide variety of social and sporting facilities.
The course is located within a residential community offering the highest standards of privacy, safety and luxury.