February 14, 2018 / 2:17 PM / 9 months ago

Saudi Falih says prefers tighter oil market to early exit from cuts

RIYADH (Reuters) - OPEC would do better to leave the oil market slightly short of supplies rather than ending too early a deal on cutting output, Saudi Energy Minister Khalid al-Falih said on Wednesday.

He said the Organization of the Petroleum Exporting Countries and its non-OPEC allies such as Russia would need to consider in coming months how to adjust targets, including how to measure the five-year average of oil stockpiles.

Falih said OPEC should take into account non-OECD inventories, floating storage and oil in transit. At present, targets are based on stockpiles in industrialized OECD nations.

Reporting by Rania el Gamal; Editing by Edmund Blair

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