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Moscow and Riyadh will work to decrease oil stockpile: ministers

Both sides are still trying to find ways to coexist with US shale oil producers

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Mr Falih (right) and his Russian counterpart Alexander Novak say they see their cooperation in oil markets lasting after the current joint oil output agreement expires in March next year.

Moscow

OPEC and non-Opec countries are committed to bringing global oil inventories down to the industry's five-year average, Saudi Energy Minister Khalid al-Falih said on Wednesday, adding he saw the target being reached in the very near future.

Speaking in Moscow after a meeting

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