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WTI Tumbles To $48 Handle After Iraq, Iran "Deadlock": OPEC Admits "It's Getting Complicated"
"It is getting complicated...every day there is a new issue coming up," one OPEC delegate said this morning as it is clearly becoming harder to keep the smoke and mirrors jawboning of a possible cut/freeze alive in the face of a reality that is very clearly enunciated by Russia's energy minister, "any output freeze could be offset by a quick recovery in US shale oil output." In other words, why bother with a freeze at all.. which is exactly what Iran and Iraq just said... *IRAQ AND IRAN REFUSE TO FREEZE OUTPUT - SOURCES *IRAQ, IRAN SAY OPEC UNDERESTIMATES THEIR PRODUCTION: DJ *OPEC MTG SAID DEADLOCKED AS IRAQ, ... (full story)