Disappointment at Doha

Talks among oil producing nations in Doha yesterday failed to achieve an agreement to freeze production in an effort to rebalance markets. Oil markets had been bid up strongly in the weeks ahead of the meeting in anticipation that a wider ranging agreement than that reached between Russia, Saudi Arabia, Venezuela and Qatar in February could be reached. However, Saudi Arabia's insistence that any freeze include Iran ended hopes that a deal could be made as Iran has maintained its position of refusing to limit output growth and it didn’t send representatives to the Doha meeting.

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