July 3, 2018 / 8:44 AM / 15 days ago

Saudi, Russian energy ministers agree continued oil market coordination

DUBAI (Reuters) - Saudi Energy Minister Khalid al-Falih discussed the oil market developments with his Russian counterpart, and both agreed to continue close coordination in the interest of producers, consumers and the global economy, according to a statement by the Saudi Energy Ministry on Tuesday.

FILE PHOTO: Saudi Arabia's Oil Minister Khalid al-Falih arrives for an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader/File Photo

Falih spoke with Russian Energy Minister Alexander Novak on Monday and discussed the need to modify the current monitoring process accordingly and agreed to task a joint OPEC and non-OPEC committee known as the JTC with developing and recommending a suitable process to be considered by the ministerial JMMC panel.

The Organization of the Petroleum Exporting Countries agreed with Russia and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.

(This version of the story has been refiled to clarify Falih spoke with, not met, Novak in second paragraph)

Reporting by Rania El Gamal, additional reporting by Katya Golubkova, editing by Louise Heavens

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