Saudi Arabia says oil output increase of 1 million bpd is a good target to work with

Further comments by Saudi Arabia's oil minister Khalid Al-Falih

• 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

Pretty much setting the market expectations here. Al-Falih sure sounds confident on the matter, and the continued talks of oil output increases have sent oil tumbling further.

WTI is now down 1.46% to $64.72, just off the lows posted briefly at $64.61.