On Friday, after reading the latest shift in the ever-changing, always fluid OPEC narrative, according to which Saudi Arabia now demands Iranian oil production cuts contrary to the agreement reached at the end of September in Algiers, in which Iran was granted an exemption from the upcoming supply cut negotiation in Vienna on November 30, we were confused: Wait so the Saudis demand Iran cuts production now after explicitly granting Iran an exemption in Algiers? This morning there is less confusion because according to Iran’s semi-official Mehr news agency, the OPEC agreement is effectively dead with Iran’s government mouthpiece reporting that “on the eve of OPEC Meeting, Saudi Arabia has officially declared a war on oil prices by releasing a tactical letter as well as applying pressure on certain OPEC members. ” As the news report – which likely telegraphs the position of Iran’s oil ministry – lays out, […]