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.