Minister says global crude stock excess falls to 100 mln tns

RIYADH, Feb 14 (PRIME) -- Excess of global oil reserves has decreased to around 100 million tonnes from 340 million tonnes at the beginning of 2017, Russia’s Energy Minister Alexander Novak said on Wednesday.

Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said that the OPEC+ ministerial committee will meet in April to discuss the exact stock target.

“I think we will discuss in April which target for commercial reserves we need to achieve,” he said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.

A source said earlier that the meeting of the OPEC ministerial committee will take place in Riyadh on April 14-15.

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