Riyadh – Mubasher: Members and non-members of the Organization of Petroleum Exporting Countries (OPEC) are committed to the goal of reducing global oil inventories to a five-year average, Saudi minister of energy, industry and mineral resources Khalid Al Falih said at meeting in Moscow on Wednesday.

The minister expected that this goal would be achieved in the very near future, Reuters reported.

The Saudi minister and his Russian counterpart Alexander Novak also expected that their cooperation in oil markets will last longer after the current joint oil output agreement expires in March 2018.

Last week, OPEC and non-OPEC producers agreed on extending production cuts for nine months.