OPEC talks fail; not reduce oil production

Oil prices suffered the largest decline for two months after the failure of talks OPEC in Doha, where members of the black gold cartel should discuss freezing production. But tensions between Iran and Saudi Arabia surfaced at the meeting of the largest producers of oil in the world, and therefore in the end there was no agreement on the limitation of stocks. Obstacles that would face this arrangement became clear after the statement that the deputy Saudi prince to crown Mohamed bin Salman, who said that the kingdom will not tighten its production without the involvement of other key players such as Iran, which has just been freed from international sanctions that prevented his throwing oil on global markets currently preclude the freezing of production. Calls to save agreement helping to raise the price of crude oil had no effect. Apparently, all we need time in order to continue consultations with each other and with other oil producers. This may last until June, said Mohammed al-Sada, Minister of Energy of Qatar. This development will most likely renew the oil industry fears that major manufacturers will re-enter the battle for the trye market, especially after the threat of Riyadh that it was not seal the pact, it would significantly increase again production itself. Russia, an ally of Iran and directly affected by the reduction of the quota of black gold, said the disappointed by the outcome of the meeting and request the Saudi described as illogical.