This really shouldn't come as a surprise but oil is down on the news.
Iranian Oil Minister Bijan Namdar Zangeneh says that Iran will not cut its oil production as part of any deal reached by oil producers when they meet in Vienna tomorrow.
Iran is still in the process of ramping up production following sanctions which resulted in severe production declines. It is not a surprise that they would be unwilling to cut production.
Saudi Arabia and Russia are the key players that will determine if a cut or cap deal is reached tomorrow. As I have explained in the EPJ Daily Alert, they both have reasons to reach a cap or cut deal, if possible.