Doha

Via Macro-Man blog,

After a fierce run of chaotic headlines leading up to the Doha meeting, where speculation of deal or no-deal was enough to make blood shoot out of your eyes, the results of the meeting are finally in.

Following yesterday's OPEC "production freeze" meeting in Doha which ended in total failure, where in a seemingly last minute change of heart Saudi Arabia and specifically its deputy crown prince bin Salman revised the terms of the agreement demanding Iran participate in the freeze after all knowing well it won't, oil crashed and with it so did the strategy of jawboning for the past 2 months had been exposed for what it was: a desperate attempt to keep oil prices stable and "crush shorts" while global demand slowly picked up.

With the world's attention about to focus on Qatar where in just a few hours the Doha OPEC "freeze" meeting is supposed to start (without the presence of Iran which has made it clear it won't freeze production but "supports the decision for other OPEC and non-OPEC countries to freeze crude oil production" so everyone except Iran), moments ago Tass presented a glimpse of what will be announced.

The "Doha oil freeze deal" was a farce from the beginning.

It all started with a February 11 Hail Mary attempt by Venezuela to boost oil prices by launching a rumor that oil production would be frozen (ignoring that both Russia, Saudi Arabia and Iraq are already pumping out a record output).

VENEZUELA OIL MIN PROPOSED OPEC, NON-OPEC ‘FREEZE’ PRODUCTION AT CURRENT LEVELS: RTRS. And Saudi Arabia laughed?

— zerohedge (@zerohedge) February 11, 2016

Shockingly, it worked.