Great News Doha meeting failed

Sources told Reuters that members of the Middle East-dominated OPEC plan to negotiate among themselves, before presenting a more united position to those outside the group.

The 18 countries that gathered in Doha, which included Russia and Saudi Arabia, represent nearly three quarters of the world's oil output. According to a leaked draft of a final agreement, the signees would agree to cap production at January 2016 levels.


But the talks hit a last minute hitch, when Saudi Arabia demanded that regional rival Iran also freeze its own output. Iran, which had planned to send a delegation to the meeting, before pulling out at the last moment, says it has no intentions of curtailing production, after suffering years of recently-lifted EU and US nuclear sanctions.

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"The key technical level in play is US$38, a break through this level is likely to see a major pullback this week. If hopes of a Doha deal were the only thing driving oil, then a pullback to around the US$30 level seems quite likely," said Nicholson.

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