Oil production freeze talks in Doha between some of the world’s largest oil producers have run into some last-minute trouble after Iran announced it wouldn’t send a representative to the gathering. Actually this outcome was expected by certain market analysts.
“The Saudis changed everything early this morning,” an OPEC source said. “They want all OPEC members to join first.”
The meeting has now been delayed until later today. Delegates have alreadycirculated a draft accord that calls for freezing output at January levels until Oct. 1, when a follow-up meeting will be hosted by Moscow.
Failure to reach an accord – the first in 15 years between OPEC and non-OPEC nations – would signal a renewed battle for crude market share and likely halt the recent recovery in oil prices.