Oil price tumbled on Monday and OPEC’s credibility has been seriously undermined with the failure of talks to try to freeze the production of crude.
A prospective deal involving 18 oil exporting countries fell apart when Saudi Arabia said that Iran must be a part of it. The agreement was supposed to stabilise output at January levels until October 2016.
The host for the meeting, Qatar’s Energy Minister Mohammed bin Saleh al-Sada,
said more time was needed: “Fundamentals are improving now and oil is
heading in the right direction: how long will it [take to] balance
itself, we are yet to see, but it is certainly [heading] in the right
direction”.
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Source: Euronews
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