Speaking during an investment conference in Riyadh, Saudi Arabia on Oct. 24 Saudi Energy Minister Khalid al-Falih reiterated that OPEC is "determined to do whatever it takes to bring global inventories down to the normal level which we say is the five-year average." Minister al-Falih said an extension of the 1.8MM b/d OPEC/NOPEC cuts by another nine months to the end of next year was one of the main tools available to ensure global crude supplies come into balance, and that he was optimistic an extension would be agreed too during the Nov. 30 OPEC meeting. "We have reduced the inventories by over 180MM bbl and we still have about 160MM bbl according to numbers I have seen last. The intent is to keep our hands on the wheel between now and until we get to a balanced market and beyond, we are not going to do anything tiiat is going to disrupt the path we are on."
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