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 forces intercept Houthi missile targeting Najran

Updated 11 min 54 sec ago
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Saudi forces intercept Houthi missile targeting Najran

DUBAI: Saudi forces intercept missile fired by Houthi militias in the direction of Najran on Wednesday.

Last week, the kingdom’s air defense system intercepted a ballistic Houthi missile fired from northern Yemen.
A Saudi-led coalition said the missile was fired from Saada province toward the southern Saudi city of Najran. No casualties were reported.
Coalition spokesperson, Col. Turki Al-Maliki, said that at 12:52 p.m. the coalition’s air defense forces spotted the missile launched by the Iran-backed militant group, where it was intercepted and destroyed.
Al-Maliki said that the missile was deliberately launched to target civilian and populated areas.
The spokesperson added that “this hostile action by the Houthi militia proves the Iranian regime’s continued involvement in supporting the rebels with qualitative capabilities in clear and explicit defiance of UN resolution 2216 and 2231 aimed at safeguarding Saudi Arabia’s security and any regional and international threats.”