Russia, Saudi Arabia ready to cut global oil inventory

Reuters TASHKENT/MOSCOW (Reuters) — Russia, Saudi Arabia, Uzbekistan and Kazakhstan are ready to do more work to reduce global oil inventories, the Russian energy ministry said in a statement on Saturday after a meeting of officials from the four countries.

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

“The states-participant signified satisfaction of reducing commercial stocks of oil and stated their readiness to continue [to make] join efforts towards such a direction,” the statement said.

OPEC, Russia and other oil producers are due to meet at the end of November in Vienna to decide whether to extend the current supply-cut pact.

According to the Russian Energy Ministry, the formerly Soviet state Turkmenistan will take part at the meeting as an observer. Saudi Arabian oil minister Khalid al-Falih said after the meeting that more work was needed to cut inventories.

“There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation.”Speech

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