The Iran-Saudi Arabia rift is at the core of the Algiers failure

The WSJ with more headlines suggesting that nothing is coming next week

An Iranian official cited by the WSJ said the nation won't freeze output now.

They cite 'people familiar' who say the Saudis and Iran have clashed this week. Part of the problem is they couldn't agree on which set of statistics would be used to measure whether or not someone had frozen output.

That underscores the distrust throughout OPEC.

The WSJ reports that "Iran wants to use output statistics produced by OPEC members' national governments, while Saudi Arabia favors independent assessments by secondary sources of information such as consultants and analysts, according to people familiar with the Vienna meeting."

Iraq is also proving problematic for the freeze. They want to boost production by 150-400K barrels per day.

None of this is new. It's all been hinted at or even spelled out over the past few days but the oil market is a strange place and suddenly the bluntness of the headlines has cut the legs out of oil, which is now down nearly 4% on the day.