Oil prices fall as output talks in Doha failComments Off on Oil prices fall as output talks in Doha fail
Oil prices have tumbled after a meeting of producers in Qatar ended without a deal on limiting supplies.
In early trading on Monday, crude oil fell as much as 7% in Asia following the Sunday summit in Doha where the world’s leading oil explorers gathered in a bid to stabilise the global market.
But Saudi Arabia appeared willing to only freeze output if all OPEC (Organization of the Petroleum Exporting Countries) members agreed.
However Iran was not present and maintained it would continue the increase in oil production it has followed since earlier this year when economic sanctions were lifted.
Petra Kuraliova, a dealer at Capital Index said: “Most of the commodity based currency markets opened in a negative territory as the summit between the world’s largest oil producers in Doha turned into a complete failure.”
Kuraliova added: “The oil prices opened almost $2 (£1.41) a barrel down and then plunged more than $3 a barrel within minutes as the sell-off built up.”
The next OPEC meeting is planned for June.