Oil producers fail to reach deal at Doha talks

The world's key oil producing countries failed to deliver any concrete agreement to freeze production at the end of their ministerial meeting here on Sunday amid disagreements on the wording of the agreement.

Qatari Oil Minister Mohammed bin Saleh al-Sada said in a press conference that "the meeting reached a result which we all need more time for more consultations and talks."

He added that all participating countries will talk with other from now until the meeting in June, stressing on "improved fundamentals" as a reason why an immediate agreement wasn't necessary.

Al-Sada said the meeting discussed various issues, which he refused to elaborate. However, the participants came to an understanding that there is a need for more consultations before attempting to make a deal.

Major oil producing countries, except Iran, gathered in the Qatari capital Doha on Sunday discussing a possible crude production freeze in a bid to shore up the floundering global oil markets and the sluggish prices.

Altogether 23 countries, both within and outside the Organization of the Petroleum Exporting Countries (OPEC), sent their delegates to the Qatari capital for the "Oil-Producing Countries Ministerial Meeting."

Sunday's meeting came after oil prices fell more than 60 percent since June 2014 to as low as 27 U.S. dollars per barrel in January due to the widening glut in the supply.
Source: Xinhua