Even the bloody iron ore producer here refuse to cut prod....

Even the bloody iron ore producer here refuse to cut prod. Identical situation (but with no not so hidden agenda, like Saudi) . It's every man / country for himself literally. Venezuela (OPEC) is literally going under, as I always said it would, and just the first. CA is suffering badly, as was the intent - collateral damage to destruction of hi cost US Shale producers.
And as I (and others) have long maintained, oil decline won't be over until US Shale industry is in Bankruptcy Court.
That always was, and remains the goal. Imagine the "shock" if these talks fail? Oil to new lows, followed , like an automaton, by equities.
Correct me if I'm wrong...they (talks) might succeed.....I'm not there...no inside info.....but ZH generally on the ball.