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What OPEC "Production Cut": Iran, Libya To Boost Production, MS Warns Of Hedging, JPM Cuts Oil Price Target

While last week's OPEC Algiers meeting was supposed to, eventually, lead a production cut, we warned that over the next two months the most likely outcome would be a boost in production ahead of the Vienna meeting where, in an ideal world, OPECs members would somehow agree to trim production despite vocal resistance already emerging from Iraq. Sure enough, we didn't have to wait long and earlier today Iran's IRNA news agency reported that International Affairs Director of National Iranian Oil Company (NIOC) said Iran is presently exporting 2.
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