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.
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