And with that we can close the chapter on today's "Greece is fixed" "oil production will be cut" trial balloon/rumor fiasco. SAUDI HAS NO PROPOSAL TO CUT OUTPUT 5%: OPEC GULF DELEGATE To all those who panicked and covered their shorts, our condolences. The reaction... And just for good measure, because Riyadh has no intention on ending the production onslaught until the last shale driller lies crushed in the dust, the Saudis issued one but two denials. (full story)