Riyadh - Mubasher: Saudi oil minister Khalid Al Falih said on Saturday that more work was needed to reduce global oil inventories, Reuters has reported.
Al Falih added that there is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation, stressing that there is still significant amount of work that needs to be done to bring inventories down, adding that all the officials he met with are committed to working with other producers and supporting the agreement.
The minister's remarks were made after his meeting with his Russian, Uzbek and Kazakh counterparts, where he also indicated that officials from Malaysia, Ecuador, Nigeria and Libya have had also given him similar feedback.
The Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other major non-OPEC producers agreed to cut output by around 1.8 million barrels per day from 1 January 2017 until March 2018.
An OPEC summit will be held in Vienna on 30 November to decide on the output policy, and OPEC officials have said the supply-cutting pact is likely to be extended beyond March.
OPEC Secretary General Mohammad Barkindo said that Saudi and Russian backing for an extension cleared the fog before the meeting in Vienna.
The UAE minister of energy, Suhail Al Mazroui recently dsaid that oil markets need an extension of the OPEC production cut agreement after March 2018.
