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.


Saudi Arabia to host Global Aviation Summit 2019

Updated 3 min 39 sec ago
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Saudi Arabia to host Global Aviation Summit 2019

  • The summit will review the plans of the civil aviation sector in line with the objectives of Saudi Vision 2030
RIYADH: The Saudi capital will host the Global Aviation Summit 2019 in April under the patronage of King Salman.
Minister of Transport and Chairman of the General Authority of Civil Aviation (GACA) Nabil Al-Amoudi expressed his gratitude to the king for his support of the aviation sector and the summit, to be held on April 1 and 2 at the Ritz Carlton in Riyadh.
“This continuous attention contributed to enhancing the role of the Kingdom on a global level in the field of air transport,” the GACA chairman told Arab News.
Al-Amoudi said that the summit was one of the most important international events in air transport as it represented an opportunity to share knowledge on future policies, regulation and investment opportunities, as well as discussing the security and safety of the civil aviation system.
The summit will review the plans of the civil aviation sector in line with the objectives of Saudi Vision 2030. It will also provide a chance to highlight the participation of women in civil aviation and their contributions in developing this vital sector, he said.
The summit was a platform to discuss best international practices, the most important of which were in safety and security, environmental protection and innovation in aviation technology.