DOHA TALKS FAIL
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.”