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Saudi Arabia’s state oil giant, ARAMCO, issued a statement on Friday, announcing that it increased output to 600,000 barrel per day (bpd), in its attempt to counter a potential shortfall in global supplies once the US imposes additional sanctions on Iran, starting November 4th.

Meanwhile, both crude benchmarks stay bid and pay little heed to the Saudi headlines, as looming supply risks from Iran sanctions continue to lend support to the oil markets.