Oil Output Talks End With No Deal

Mohammed Saleh Abdulla Al Sada

Attempts to freeze oil output among some of the world's biggest crude producers at a meeting in Doha, the capital of Qatar,  ended without a deal on Sunday, as Saudi Arabia insisted Iran had to be part of any agreement. Iran would not go along, as it is ramping up production since sanctions have been lifted.

"With Iran, we respect their position and through further consultation, we don't know how their future will unroll," Qatar's oil minister, Mohammed Saleh Abdulla Al Sada, said. "It was a sovereign decision by Iran. A freeze would definitely be more effective if OPEC and non-OPEC" participated he added.

This comes as no surprise to EPJ Daily Alert readers. We have a plan in place for oil price action Monday.

-RW 

UPDATE

 Crude oil prices sank more than 6% in the opening hour of Asia trading.

UPDATE 2

This is what I wrote in Friday's  EPJ Daily Alert:

Ahead of the Doha Oil Producers Meeting

There is significant focus on the upcoming Doha meeting of oil producers, In my view, it is much too much focus. There is very little chance that any important agreement will be reached.