Oil Slides After Iran, Iraq, Indonesia Said To Have “Reservations” About Proposed 4.5% Production Cut

Update: oil has slid to LOD following headlines that just one week before the Vienna deal, one which according to the Nigerian oil minister was supposed to be finalized today, more discord has emerged, as a result of Iran, Iraq and Indonesia expressing “reservations” about the proposed 4.5% output cut which exempts only LIbya and Nigeria.
OPEC EXPERTS RECOMMEND MINISTERS DEBATE NEXT WEEK AN OIL OUTPUT CUT OF 4.0-4.5 PCT FOR EACH MEMBER EXCEPT LIBYA, NIGERIA – RTRS OPEC SOURCES SAY IRAN, IRAQ, INDONESIA HAVE RESERVATIONS REGARDING PROPOSED 4.5 PCT CUT It also means that contrary to constant media representations, Iran was in fact not to be exempt from a production cut, and suggesting that there was never a real agreement to begin with.

This post was published at Zero Hedge on Nov 22, 2016.