No deal about oil output freeze thanks to Saudi-Iran tensionsStaff writer ▼ | April 17, 2016
A deal to freeze oil output by OPEC and non-OPEC producers fell apart after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement.
Oil exploration After five hours of debate
Iran is also pledging to ramp up production following the lifting of Western sanctions in January, making a compromise with Riyadh almost impossible as the two fight proxy wars in Yemen and Syria.
Some 18 oil nations, including non-OPEC Russia, gathered in the Qatari capital of Doha for what was expected to be the rubber-stamping of a deal - in the making since February - to stabilize output at January levels until October 2016.
But OPEC's de facto leader Saudi Arabia told participants it wanted all members of the Organization of the Petroleum Exporting Countries to take part in the freeze, including Iran, which was absent from the talks.
Tehran had refused to stabilize production, seeking to regain market share post-sanctions.
After five hours of debate about the wording of a communique delegates and ministers announced no deal had been reached. ■