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Disagreement resulted decrease in oil prices

DOHA: Oil prices decreased in international market after failure of any agreement on capping oil production among leading oil export countries.

Oil prices tumbled to 5% in after the some hours of meeting. Purport of meeting was to freeze oil production unanimously on current ratio in order to increase prices in international market.

Saudi Arabia willing not to freeze output until Iran agrees to freeze. On the other hand Iran wants to continue the increase oil production after lift up of economic sanctions and also did not attend the meeting.

After hours of talks in Qatar, energy minister of Qatar, Mohammed bin Saleh al-Sada said that the oil producers needed “more time”.

Russia, that exports oil but no a member of OPEC (Organization of Petroleum Export Countries), also participated in meeting with OPEC members.

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