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Producers to focus on inventory drawdowns, Saudi oil minister says

Saudi Arabia’s Energy Minister Khalid Al-Falih said OPEC was not targeting oil prices but focusing on fundamentals. (Reuters)
BANGKOK: Saudi Arabia’s energy minister Khalid Al-Falih said on Thursday the focus of oil producers will be to continue to work on drawing down crude inventories.
Al-Falih, speaking to reporters during the 7th Asian Ministerial Energy Roundtable in Bangkok, said OPEC is not targeting oil prices but focusing on fundamentals.
The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut overall output by about 1.8 million bpd since January. The pact runs to March 2018, but the producers are considering extending it.
OPEC is scheduled to next meet at its headquarters in Vienna on November 30.

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