Doha Meeting Reveals Opec’s Inability to Control Global Oil Prices

by Global Risk Insights
Financial Sense

The recent Doha meeting of major oil producers failed to agree on oil output freeze deal and confirmed the existence of deep disagreements within Opec.

The oil prices agony continues as major oil producers failed to reach an agreement on production freeze at the long-expected meeting in Doha on April 17.

The expectations surrounding the meeting had fueled hopes that the 20-month long slump in oil prices might finally be over and led to a partial recovery in oil prices. But it now seems that the period of low prices is not over yet.

Brent crude fell more than 5% on 18 April, to $41 per barrel, and WTI crude by 7%, to $38 per barrel.

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