Saudi Energy Minister: OPEC and independents are committed to reducing oil stocks to an average of 5 years

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Saudi Energy Minister Khalid al-Falih said on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and independent producers are committed to the aim of reducing global oil stocks to an average of five years and expected to achieve this in the very near future.

 

Russian and Saudi energy ministers said they expected a continued cooperation between the two sides in the oil markets for a longer period after the end of the current joint agreement on cutting oil production, which ends on March 2018.

OPEC oil ministers and independent producers agreed last week to extend the production cutoff agreement for an additional 9 months from July 2017 to March 2018. In that context, it was decided to extend the production reduction agreement by 1.8 million barrels per day which was signed in Vienna in December 2016 between OPEC countries and non-OPEC producers.

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