The talks between the oil-producing countries in the Qatari capital Doha have not reached agreement. That said Qatar’s Energy Minister Mohammed bin Saleh Al-Sada.
The aim is to States had a cap on global production, in order to counteract the drop in prices. Now there will be another meeting of the OPEC countries, said the Nigerian Energy Minister Emmanuel Ibe Kachikwu.
It is unclear whether the failed agreement with the Iranian boycott of the meeting related. The Iranian government had informed before the meeting, not wanting to join the plans of Russia and Saudi Arabia to reduce oil production. Iran had then also sent a representative to Doha. “Since we do not want to sign a plan for freezing, there is also no need to have spot in Doha someone,” said Iranian Oil Minister Bijan Namdar Zangeneh, according to the news agency Shana .
Namdar Zangeneh also said Iran would increase its production as planned on four million barrels a day. Analysts had a failure of the talks in Doha not excluded because of this attitude of Iran. Saudi Arabia, an influential OPEC member, is concerned that Iran from its own restraint could capitalize. That could hurt the oil industry in Saudi Arabia and also deteriorate as the mood between the UK and Iran continue.
The failure of the talks between the OPEC countries is expected to lower the price of oil. Between mid-2015 and the end of 2015, the oil price has slumped due to oversupply in the market by up to 70 percent. The prospect of a cap on production led to a price increase in January by 60 percent to nearly 45 dollars per barrel (159 liters).
The oversupply of oil has arisen because leading producing countries such as Saudi Arabia increased its production in order to maintain market share. They felt by the growing competition, including from US Frackingfirmen, pressured. The falling oil price cost the coffers of the conveyor countries many revenue.
For consumers, the low oil price means low prices for petrol and heating oil. Observers had previously expressed doubts about the effectiveness of the plans to freeze on the funding level of January. Apart from Iran, the US and Norway were not involved in the talks. In addition, there were concerns that in January had already been promoted too much oil, as that a cap at that level could push up the price.
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