Oil-Freeze Talks End in Failure Amid Saudi Demands Over Iran – Bloomberg

Negotiations in Doha between OPEC members and other oil producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.The summit in the Qatari capital, which dragged on for more than ten hours beyond its initially scheduled conclusion, finished with no final accord. Discussions stumbled after Saudi Arabia wouldn’t agree to any accord unless it included Iran, which wasn’t present at the meeting, according to a person familiar with knowledge of the matter.“Given the expectations ahead of Doha, the failure to reach a freeze agreement is likely to cause an oil market selloff,” said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University and a former White House official. “The fact that Saudi Arabia seems to have blocked the deal is an indicator of how much its oil policy is being driven by the ongoing geopolitical conflict with Iran.”Sixteen nations representing about half the world’s oil output gathered in the Qatari capital in a bid to stabilize the global market, the first significant attempt at coordinating oil output between the Organization of Petroleum Exporting Countries and nations outside the group in 15 years. There were significant hurdles to any deal after Saudi Arabia’s Deputy Crown Prince said the kingdom wouldn’t agree to restrain its production without commitments from other major producers including Iran — which has ruled out freezing for now.

Source: Oil-Freeze Talks End in Failure Amid Saudi Demands Over Iran – Bloomberg

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