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Business & Finance

OPEC Meeting Ends Without Deal On Oil Production

Crude Oil
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The world’s biggest oil producers have failed to reach 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.

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“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.

Aljazeera


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