January 22, 2017 / 9:51 AM / 2 years ago

Saudi's Falih says output cuts set to lower oil inventories

Khalid al-Falih Saudi energy minister attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich

VIENNA (Reuters) - Saudi Arabian Energy Minister Khalid al-Falih said on Sunday that OPEC and non-OPEC oil producers were complying with their pledge to lower oil output and that global oil inventories could be taken back to their five-year average by mid-year with full compliance.

“There is no reason for us to suddenly come into January and say we need a bigger reduction or a longer period. Will this change in the second quarter? Possible, but (that’s) improbable today,” he told reporters ahead of the first meeting of a committee that will monitor compliance with the deal.

Producers have pledged to lower output beginning this month in order to support prices.

Reporting by Rania El Gamal; editing by Jason Neely

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