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OPEC’s Badri says market is oversupplied by 1.5m bpd
•Hopes market will recover in time. •Sees some OPEC upstream projects being cancelled, most proceeding as normal. •Open to discussions with non-OPEC producers to balance markets. Oil had been doing nothing as the first comments came out but has now had a little pop to 48.62 from 47.70 on the possible non-OPEC discussions