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Saudi Arabian Oil Minister Khalid  Al-Falih was reported by Reuters as saying that markets are in need of more oil.

Key Headlines:

Need to release 1 million bpd in supply.

The market needs more oil.

We will have to come to a decision that satisfies all stakeholders.

Consumers are asking for more oil supplies.

Some members have said they can’t increase, discussions still ongoing.

Saudi Arabia is seeking a balanced oil market.

“We’ll see” whether Iran would agree with OPEC+ on output increase.

Yet to see if Iran would accept increase in oil output.