Saudi energy minister says options open on output deal: report

Saudi Energy Minister Khalid Al-Falih on Tuesday said that options were open regarding the OPEC-led oil output agreement, which was finalized last year, Reuters reported.

“We are very flexible, we are keeping our options open. We are determined to do whatever it takes to bring global inventories down to the normal level which we say is the five-year average,” Falih said was quoted as saying.

The minister added that work remains to be done.

“We have reduced the inventories by over 180 million barrels and we still have about 160 million barrels according to numbers I have seen last,” he said.

Falih noted that oil investment were returning following the output cut deal.

He said there was consensus to continue with the deal until targets were reached to balance the market. However, shocks to the market by reducing production more than needed should be avoided, he added.