Saudi, Russia discuss need to modify oil supply monitoring process

Saudi Energy Minister Khalid Al-Falih discussed with Russian Energy Minister Alexander Novak the need to modify the current oil supply monitoring process to reflect the new goal of the agreement reached last month in Vienna, the official news agency SPA reported on Tuesday.

Al-Falih and Novak agreed to task the joint technical committee (JTC) with developing and recommending a suitable process to be studied by the OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC).

They also agreed to continue close coordination in the interest of producers, consumers and the global economy.

The oil market developments were also addressed, and the agreement reached between the oil cartel and its allies to increase oil production by 1 million barrels per day was reaffirmed.