Russia, Saudi Arabia, Uzbekistan and Kazakhstan are ready to do more work to reduce global oil inventories, the Russian energy ministry said in a statement on Saturday after a meeting of officials from the four countries, Rambler reported.

Russia and Saudi Arabia are leading a deal between OPEC and non-OPEC producers to cut global oil production, with the aim of propping up oil prices.

“The states-participant signified satisfaction of reducing commercial stocks of oil and stated their readiness to continue (to make) join efforts towards such a direction”, the statement said.

Saudi Arabian oil minister Khalid al-Falih said after the meeting that more work was needed to cut inventories.

“There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation”.

“Everybody recognises 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.