OCP IPI installed cluster on Azure has limitation on worker node number to scale up to

Issue

Some machines "Failed" after trying to scale up machinesets on an OCP cluster on Azure IPI to more than about 55 total worker nodes.
The failed machines have the following Error Message, by running the following command.

Command

oc describe machine <failed_machine_name> -n openshift-machine-api | grep 'Error Message'

Example output:

InvalidConfiguration: failed to reconcile machine "<failed_machine_name>": network.InterfacesClient#CreateOrUpdate: Failure sending request: StatusCode=400 -- Original Error: Code="SpecifiedAllocatedOutboundPortsForOutboundRuleExceedsTotalNumberOfAvailablePorts" Message="Specified Allocated Outbound Ports 1024 for Outbound Rule /subscriptions/<subscriptions_id>/resourceGroups/<resource_group_name>/providers/Microsoft.Network/loadBalancers/<load_balancer_name>/outboundRules/OutboundNATAllProtocols exceeds total number of available ports per backend instance of 1008 based upon desired pool size. Reduce allocated ports or increase number of IP addresses for outbound rule." Details=[]