September 22, 2017 / 10:18 AM / a year ago

OPEC, non-OPEC producers must work on longer-term oil strategy: Russia

VIENNA (Reuters) - Russian Energy Minister Alexander Novak said on Friday that OPEC and other oil producers need to continue coordinated action and work on a strategy from April 2018.

FILE PHOTO: Russian Energy Minister Alexander Novak addresses a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger

He said OECD oil inventories had fallen to 3 billion barrels in August, while crude in floating storage had been falling since June.

Speaking at the opening of a meeting of some OPEC and non-OPEC ministers, he said oil market fundamentals were normalizing.

Reporting by Vladimir Soldatkin; editing by Edmund Blair

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