Doha talks: The price of crude oil fell by as much as 7% in early trading in Asia this morning after attempts by some of the world’s biggest producers to freeze output ended without a deal on Sunday night with Saudi Arabia insisting Iran should be part of any agreement.
Talks in Doha aimed at achieving the first global oil deal in 15 years had appeared to be on course on Sunday. They broke up late in the day as ministers failed to overcome opposition from Riyadh, which had hardened its stance in recent days. Delegates said Saudi Arabia had in effect torn up an earlier draft of the deal as it decided it could not be party to an agreement that would give Iran any leeway. Tehran had refused to join the freeze as it rebuilds its oil exports after years of sanctions.
“We all need time for further consultation,”said Mohammed Bin Saleh Al-Sada, Qatar’s energy minister while Iraq’s representative Falah Alamri confessed to being “very very disappointed.”
Oil prices slide back as Doha talks collapse
Saudi Arabia’s deputy crown prince Mohammed bin Salman
Source: FT