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Further comments from Saudi Arabia’s Oil Minister Al-Falih, via Reuters, are found below.

Oil output increase of 1 million bpd is a good target to work with.

Saudi Arabia has a couple million bpd of available spare capacity.

Oil market fundamentals call for a return of about 1.8 million bpd.

Short-term oil demand growth is big.

Won’t see a significant drop in demand in the next 18 months.