Doha’s Opec talks end with no production deal

Doha’s Opec talks end with no production deal

Discussions in Doha between Opec and non-Opec countries to try and negotiate a deal on oil production freeze at January levels has resulted without an agreement. 

Ministers have affirmed that more time and meetings are needed before the production freeze can be put in place.

Major oil producers, Russia and Opec officials were about to sign a 6 month agreement on a production freeze. Oil prices closed on Friday at US$42.85 a barrel of Brent crude and $40.40 for West Texas Intermediate.

According to the International Energy Agency, the oil price has increased in recent weeks by the decline of expensive shale oil production in the US. Opec head Saudi Arabia reportedly told members it wanted all participants to take part in the deal.

The oil price has fallen from highs of $114 per barrel in 2014 because of Opec’s unwillingness to cut production.