Saudi's Falih calls for more work to cut global oil inventory

Reuters  |  TASHKENT 

TASHKENT (Reuters) - Arabian minister Khalid al-Falih said on Saturday that more work was needed to reduce global inventories.

"There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation", he said after a meeting attended by his Russian, Uzbek and Kazakh counterparts.

Russia and Arabia are leading a deal between OPEC and non-OPEC producers to cut global production, with the aim of propping up prices.

"Everybody recognises that (the) job is not done yet by any means, we still have significant amount of work to do to bring inventories down. Mission is not yet complete, more needs to be done," he added.

He said members of the global he had spoken with have expressed the same views.

"This is the same sentiment I've heard yesterday from (Kazakh) President (Nursultan) Nazarbayev, this is the same sentiment I've heard from all the producing members of the Asia energy ministers' round table", he said.

Officials from Malaysia, Ecuador, Nigeria and Libya have had also given him similar feedback, Falih said.

"All committed to working with other producers and supporting the agreement", the minister added.

(Reporting by Mukhammadsharif Mamatkulov; writing by Denis Pinchuk; editing by Alexander Smith)

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First Published: Sat, November 04 2017. 14:30 IST