Saudi Arabia said to be ready to reject a deal if Iran-Iraq don't participate

OPEC headlines crossing, via BBG

• Saudi Arabia said to be ready to accept Iran and Iraq making a smaller oil cut than others
• Saudis said to only accept cut exemptions from Nigeria, Libya

Now THIS is a bearish headline.

The last time everyone got together it was the Saudis who dug in at the end and killed hopes of a deal by insisting Iran participate. They don't sound like they're in the mood for negotiations.

Iran is complicated because we don't have a great sense of where they would be comfortable freezing.

Iraq, meanwhile, might be trying to game the system. Their production has been reported at 4.6 mbpd by secondary sources but they're saying those numbers are wrong and that their own numbers show production is at 4.8 mbpd. So they're willing to 'cut' to 4.6 mbpd, but to others that's just a freeze.

OPEC is trying to get Iraq down to 4.36 mbpd.