Having short-squeezed crude oil prices higher on the back of a hope-filled statement, the Saudi energy minister just dropped another tape-bomb, warning that "no discussions of substance" have taken place on OPEC production levels, adding that he "does not believe any significant intervention in market is necessary."

• RTRS: SAUDI ENERGY MINISTER AL-FALIH SAYS NO 'DISCUSSIONS OF SUBSTANCE' YET ON OPEC PRODUCTION LEVELS
• SAUDI ENERGY MINISTER AL-FALIH SAID DOES NOT BELIEVE ANY SIGNIFICANT INTERVENTION IN MARKET NECESSARY
• SAUDI ENERGY MINISTER AL-FALIH SAID DEMAND IS 'PICKING UP NICELY' AROUND THE WORLD - RTRS INTERVIEW

And the market's reaction so far... (the earlier bounce was on Iran comments)

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As a gentle reminder:

• OIL AT RISK OF `WASH-OUT' IF OPEC DOESN'T FREEZE: CITI'S MORSE

And it seems stocks are catching on..

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