WTI Plunges Near $44 Handle After Iran Oil Minister Says "No Cut In Production"

Iran just hammered another nail in the coffin of an OPEC 'deal' when oil minister Bijan Namdar Zanganeh told reporters in Vienna ahead of OPEC meeting on Wednesday that "Iran won't cut oil production." Despite confident comments from Algeria, WTI plunged to within a tick of a $44 handle to 2-week lows...

And this won't help:

  • *SAUDIS SAID READY TO REJECT DEAL IF IRAN-IRAQ DON'T PARTICIPATE
  • *SAUDIS SAID TO ONLY ACCEPT CUT EXEMPTIONS FOR NIGERIA, LIBYA

As Bloomberg reports, Saudi Arabia is ready reject a deal unless all OPEC members, excluding Libya and Nigeria, participate in an oil-output agreement, say people familiar with the kingdom’s current position at the talks in Vienna. Saudi Arabia will not insist that Iran and Iraq make the same size reduction as other members and hasn’t decided from which production level they would be asked to cut, the people say, asking not to be identified because the information is private

It seems like Goldman Sachs top-ticked another oil move...