Saudi’s Energy Min. Falih: Sees need to cut 1 million bpd from October levels

Saudi Arabia's Minister of Energy, Industry and Mineral Resources-Khalid Al-Falih, was out on the wires in the last hour and said that we are not targeting a price. 

Key quotes:

   •  OPEC+ won’t let inventory to continue building.
   •  OPEC+ to do all it can to keep inventory in a narrow band.
   •  We’ll maintain long-term market balance.
   •  Our customers demand in December declined by more than half a million bpd as compared to November.
   •  Tech analysis shows we need to reduce supply by 1 million bpd from October level.
   •  The consensus is that we need to do whatever it takes to balance the market, including output cut.