DOHA TALKS FAIL

Qatar Today - - BUSINESS > OIL&GAS -

Oil slid after talks in Doha on April 17 be­tween the world's big­gest pro­duc­ers ended with­out an agree­ment to limit sup­plies. Oil had ear­lier re­bounded after fall­ing to the low­est level in more than 12 years in Fe­bru­ary amid spec­u­la­tion that a deal would be reached in Doha as US pro­duc­tion fell.

Oil min­is­ters from 16 na­tions, rep­re­sent­ing about half the world's out­put, gath­ered in a bid to sta­bilise the global mar­ket, the first sig­nif­i­cant at­tempt in 15 years at co­or­di­nat­ing oil out­put be­tween the Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries and na­tions out­side the group. Dis­cus­sions broke down after Saudi Ara­bia and other Gulf coun­tries re­jected any deal un­less all OPEC mem­bers joined, in­clud­ing Iran, which wasn't present at the meet­ing, said Rus­sian En­ergy Min­is­ter Alexan­der No­vak. Iran, which is re­viv­ing oil ex­ports after in­ter­na­tional sanc­tions were lifted in Jan­uary, ruled out any lim­its on its out­put be­fore reach­ing pre-sanc­tions lev­els, dis­miss­ing the no­tion of join­ing the freeze as “ridicu­lous.”

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