OPEC, non-OPEC committed to cutting inventories to five-year average

Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC and non-OPEC were committed to their goal of reducing global oil inventories to a five-year average, saying he saw this goal being reached in the very near future.

Russian and Saudi energy ministers also said they saw their cooperation in oil markets lasting longer after the current joint oil output agreement expires in March next year.