It appears the entire headline-hockey debacle was a farce: SAUDI ARABIA, IRAN MADE NO PROPOSALS DURING MEETING: ZANGANEH.

(Click on image to enlarge)

Just minutes before, we got this...

• *U.A.E. `OPTIMISTIC' ABOUT REACHING OIL DEAL, MAZROUEI SAYS
• *UAE: GREAT IF WE CAN GET FREEZE; MKT WILL STILL RECOVER IF NOT
• *UAE: NOT DISCUSSING ANY ALLOWANCES FOR MEMBERS TO RAISE OUTPUT

Which Iranian Oil Minister Zanganeh rebuffed:

• *SAUDI ARABIA, IRAN MADE NO PROPOSALS DURING MEETING: ZANGANEH

So no deal... no discussion... no negotiation.

In fact, it appears the entire debacle was played out for the media (and short-squeeze).