The world’s leading producer failed to reach an agreement at Doha leading to shattering of crude values. Market analysts believed this meeting to be one of the crucial meetings in decades. Huge expectations were there from this meeting but unfortunately it ended with no agreement. Oil prices jumped last week, with WTI reaching a year-to-date high, after headlines crossed that OPEC heavyweight Saudi Arabia and Russia had agreed to freeze production. With Iran’s decision of ruling out to curtail its production as It had only recently returned to international oil markets after sanctions were lifted in January, and the country wants to regain lost market share. And so with all the talk of holding production levels, Iran was looking to hit its target of 4 million barrels per day. Saudi had maintained it would not sign a deal without Iran's involvement. All this has led to weakening of crude market.
