Exclusive: Saudi's Falih says oil stocks still building, but OPEC to act if neededSpeaking in Jeddah ahead of a ministerial panel gathering on Sunday by top OPEC and non-OPEC producers, including Saudi Arabia and Russia, Falih told Reuters OPEC will not decide on output until late June when the group is due to meet. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers have agreed to reduce output by 1.2 million barrels per day (bpd) from Jan. 1 for six months, a deal designed to stop inventories building up and weakening prices. Falih said OPEC is guided by two main principles: "One to keep the market in its direction towards balancing and inventories back to normal level.




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