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Saudi OilMin: Need to release 1 million bpd in supply

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.

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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