Saudi's Falih says more work needed to cut global oil inventory

Saudi Arabia's Energy Minister Khalid al-Falih talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, November 30, 2016.

Heinz-Peter Bader | Reuters

Saudi oil minister Khalid al-Falih said on Saturday that more work was needed to bring global oil inventories down.

"There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation", he said after meeting attended by his Russian, Uzbek and Kazakh counterparts.

Russia and Saudi Arabia are leading the global oil production cut deal aimed at propping up global oil prices.

"Everybody recognizes that (the) job is not done yet by any means we still have significant amount of work to do to bring inventories down. Mission is not yet complete, more needs to be done," he added.