OPEC can neither cut production nor they can raise oil priceThey are just powerless.
Just apply your brain and think:
1) Why OPEC will cut production to accomodate the US shale production and Canadian oil sands who will enjoy the benefit of lower price?
2) Russian oil industries are not government conytroled. Who will monitor those producers?
3) Iran does not depend totally on oil like other gulf producers. They learned to survive well without oil during the sanction period. Why would they cooperate with OPEC to cut production while their arch-rival KSA will get more economic benefit who are dependant on oil?
4) Final answer: nobody is going to cut production. Market has to balane itself.
Oil shorts will take advandeage of any pop in price out of these rumors, so that they can dump from peak for more profit. Only pigs will be slaughtered.
Come out of fariy tales and all the lullaby. GROW UP KIDS!!! T boon pickens and Icahn now grew up at the age of 80 after being burnt badly. No imotion - embrace the reality with courage that oil will go below $20 in coming days. No rescue.