Oil producers’ fail to agree on output freeze

Saudi Arabia's minister of Oil and Mineral Resources Ali al-Naimi (C) arrives for the organization of Petroleum Exporting Countries (OPEC) meeting, in Doha, on April 17, 2016
AFP

Doha (AFP) – High-stake talks in Doha on Sunday between major oil producing countries to forge a deal on capping production ended without agreement, Qatar’s energy minister said.

Mohammed bin Saleh al-Sada said oil producers concluded after six hours of negotiations that they needed “more time”.

“The general conclusion was that we need more time to consult among ourselves in OPEC and non-OPEC producers,” Sada said.

Asked if Iran was at the centre of discussions, Sada said that Tehran’s participation would have made any freeze more effective.

“We respect their (Iran’s) position… certainly a freeze will be more effective if major producers including Iran are included,” said Sada.

“That would help rebalance the market.”

He added that no date was fixed for any meeting in the future among oil producers, saying that countries needed to have more consultations.

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