Iran throws out a crazy proposal in a letter
A letter from Iran asks Saudi Arabia to drastically cut production. According to an OPEC source cited by Reuters, the letter asks the Saudis to trim production to 9.5 million barrels, that's about 1 million barrels per day of production.
Saudi Arabia has previously indicated it could cut by 500K barrels per day.
Tossing out a completely unrealistic number at this point is a huge sign that Iran isn't there to make a deal and that it's now angling for the blame game.
Oil is holding near the lows of the day but it's looking increasingly vulnerable.
