Meeting of the world’s top oil producers failed to strike a deal aimed at capping production, with Qatar Energy Minister Mohammed bin Saleh al-Sada reiterating exporters still need more time.
Sada, hours following the meeting attended by OPEC producers and Russia, said they recognize the need to consult the matter among OPEC and non-OPEC members.
They seek to curb the slump in oil prices over the last 18 months. During the meeting, tensions emerged between Iran and Saudi Arabia.
Iran did not send any representative, while Saudi stressed their willingness to cap output if all exporters would agree.
Crude prices declined in Asian trading, with the prices in America and London dropping over 5%.
The material has been provided by InstaForex Company – www.instaforex.com