OPEC and non-member oil producers are committed to cutting global oil inventories to a five-year average, Reuters reported on Wednesday, citing Saudi Arabia’s energy minister, Khalid Al-Falih, after a meeting with his Russian counterpart, Alexander Novak.

 

Al-Falih added that he expects this target to be achieved in the very near future.

 

"Our joint declaration with Russia concluded that while the rebalancing goal is on its way to being achieved, more needed to be done to draw inventories towards the five-year average," Al-Falih said.

 

Meanwhile, the Saudi minister reiterated that the Kingdom will cooperate with Russia to help stabilize the oil market.

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