Oil producers must do more to reduce the global oversupply of crude oil, the Saudi Energy Minister, Khalid El Falih, said on Saturday, according to Reuters.
While noting “general satisfaction” with the results of the production-cut agreement between OPEC and a number of other oil-producing nations, he stated: “Everybody recognizes that [the] job is not done yet by any means, we still have [a] significant amount of work to do to bring inventories down. [The] mission is not yet complete, more needs to be done,” according to Reuters.
Official from Saudi Arabia, Russia, Uzbekistan, and Kazakhstan met in Tashkent, Uzbekistan, and expressed their willingness to continue their efforts to draw down global oil supplies, according to a statement from the Russian government, Reuters reports.
Officials from Malaysia, Ecuador, Nigeria, and Libya have expressed similar sentiments, El Falih said, according to Reuters.
In January OPEC and a group of non-OPEC oil-producing nations agreed to cut production by 1.8 million barrels per day (b/d). This agreement is currently set to expire in March 2018, but many observers expect it to be extended to the end of 2018, Reuters previously reported.
Last month, El Falih said that production cuts had “reduced inventories by over 180 million barrels” but that the group still needed to reduce global supplies by approximately 160 million barrels, according to Reuters.