Monday, April 18, 2016

OPEC meeting ends without deal on oil production freeze

The world's biggest oil producers have failed to reach an agreement at a meeting aimed at freezing output and reassuring markets that a recent recovery in prices could be sustained.

Sunday's talks in Qatar's capital saw the Organisation of the Petroleum Exporting Countries (OPEC) - and, unusually, other producers - trying to agree that average daily crude oil production in the coming months would not exceed levels recorded in January.

Qatari Energy Minister Mohammed Saleh al-Sada said - after six hours of negotiations - that consultations would continue between the parties until an OPEC meeting in June.

"All participating countries will consult among themselves and with others," he said.

Oman's Oil Minister Mohammed al-Rumhy said one reason a deal could not be reached was that not all OPEC members were present.

"Until this morning we thought there would be a deal. We didn't know Iran wasn't coming," he told Al Jazeera...

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