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In reality, there aren't many countries that can raise outputs, with only Saudi Arabia having the capacity to flexibly increase the output. But if Saudis alone increase outputs sharply, they could face backlash from some other countries, so markets seem to be skeptical how much Saudi can increase. We could see some profit-taking after last week's gains but the market will be supported. The next focus will be on the size of output increase by Saudis in July.
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