FXStreet (Delhi) – Lee Hardman, Currency Analyst at MUFG, notes that the recent report from the Iranian Oil Ministry’s Shana news agency stated that a majority of OPEC members agree on a supply cut with the important exception of Saudi Arabia and the Gulf Arab nations. Key Quotes “A conflicting report has since been released from Energy Intelligence stating that Saudi Arabia may propose an eventual OPEC production cut of 1 million barrels per day that may take effect in 2016. The report states that Saudi Arabia would consider the cut only if a number of conditions are met, and the output reduction would not be agreed at Friday’s OPEC meeting.” “Non-OPEC producers including Russia, Mexico, Oman, and Kazakhstan would also have to participate as would Iran. Iraq would have to freeze production at current levels or agree to cut with the group. Even if the report is correct it sounds like a complex arrangement limiting its support for the price of crude oil in the near-term as evident by the limited rebound in oil overnight.” For more information, read our latest forex news.