April 18, 2016
An agreement to freeze oil production has fallen apart, after top oil producers left a summit in Doha, Qatar saying more time was needed to work out a deal. Following the gathering, attended by OPEC members and non-members, oil prices tumbled.
Iran elected not to attend, and that non-participation reportedly helped to thwart any potential deal. Industry observers believed the agreement would help boost, or at the very least, stabilize world oil prices, which have fallen by as much as 70% since mid-2014.
Oil industry analysts say the lack of an agreement will likely be viewed “as a disappointment to the market.” Oil prices were expected to rise in the near term if a production agreement would have been reached.