Saudi Arabia is acting to lower oil prices, a senior Gulf source said on Tuesday, adding that the majority of OPEC producers wanted oil prices around $100 per barrel.
The Gulf source told reporters the oil market was well balanced with no shortage of oil supply.
Saudi Arabia was producing around 10 million barrels per day (bpd) of crude and other members of the Organization of the Petroleum Exporting Countries would be increasing output over the next few months.
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