Crude Oil Stumbles on Doha Failure

Andamento del mercato - 18/04/2016

Oil prices opened strongly lower today following the weekend developments from Doha, where 15 oil producing nations met to discuss freezing oil production to stabilize prices. However, optimism started to fade after Iran stated on Saturday that it would not be attending the meeting and sent a representative instead of their oil minister. Incited, Saudi Arabia announced that it would cap production only if all other members (including Iran) participated in the deal, exposing the continuing rift between Iran and Saudi Arabia.

By late yesterday, it was quite evident that Saudi Arabia, the biggest oil producing nation in the room, was unwilling to budge unless Iran agreed to limit oil production specifically. Analysts had warned of such an outcome and noted that the failure to agree on the deal could send oil prices back to the $30 levels. The only outcome of the Doha meeting was that members agreed to meet again on October 20th in Russia. The OPEC general body meeting is due in June.

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