Saudi Arabia says global oil reserves will not reduce untill March

Baku. 17 November. REPORT.AZ/ Members of OPEC+ agreement may announce a renewal of the agreement on reduction of output at the next summit in Vienna, November 30.

Report informs citing the Bloomberg, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said.

OPEC will not be able to eliminate additional volumes of global oil reserves until the end of the current agreement - until the end of March 2018.

We must understand that at the end of March we will not be at the level we want. This means that the agreement should be extended. My personal opinion is that on November 30, we need to clarify oil market and express what we want to do”, he added.