Oil meeting in Qatar ends without freeze as Iran absent

DOHA, Qatar (AP) — Oil-rich nations at Qatar summit say they need “more time” before agreeing to a production freeze.

The decision came hours after the meeting began in Doha, the Qatari capital.

Eighteen oil-producing nations were at the Doha summit, with OPEC member Iran sitting out the meeting.

Those in Qatar discussed a proposed freeze on crude oil production to January levels as a means to increase global oil prices, which are just over $40 a barrel after being more than $100 in mid-2014.

Iran has pledged to keep increasing its production to pre-sanctions levels after the nuclear deal with world powers, incensing its regional rival Saudi Arabia.