Saudi Arabia to propose OPEC cuts ... more

Reuters with headlines ahead of the OPEC meeting

• Saudis to propose global deal to balance oil markets- energy intelligence, citing sources
• Saudi Arabia to propose OPEC cuts output by 1 mln bpd if Iran, Iraq participate and non-OPEC joins cuts-energy intelligence citing senior OPEC delegate
• Saudi Arabia wants participation from such non OPEC counties as Russia, Mexico, Oman and Kazakhstan -energy intelligence citing source
• Saudi arabia would like deal to be implemented next year, does not expect a formal deal to be reached this week - energy intelligence citing source

The headlines crossing ahead of this OPEC meeting are all over the shop.

Adam had this one during the US afternoon, along similar lines:

Saudi Arabia and Gulf states willing to cut oil output - BBG, citing WSJ (update: if non-OPEC cut too)

Whether its wishful thinking on the part of the 'sources' or something more sinister, who knows.

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Also ... more on oil via Reuters:

• Acting Kuwait oil minister expects Iran oil output quota to rise in next year, oil market can absorb this higher supply