Oil-producing nations failed this weekend to agree to cut production, thereby ensuring a continued market glut and low prices.
The meeting of the Organization of Petroleum Exporting Countries cartel in Doha, Qatar, ended early Sunday, without achieving its goal of a production freeze, the Associated Press reported.
The aim had been to agree to freeze crude production to January levels in a bid to raise prices above their current $40 a barrel.
Iran, which did not show up for the much-heralded summit, has angered Saudi Arabia, the biggest producer, with plans to ramp up production after getting out from under sanctions lifted by President Obama’s deal on Tehran’s nuclear program.
