MOSCOW (Sputnik) — On Sunday, the participants of the negotiations of the world's major oil-producing countries, which included both Organization of the Petroleum Exporting Countries (OPEC) members and non-cartel producers, failed to reach an agreement on freezing production levels. The news triggered a sharp drop of about 4 percent in oil prices.
"Several factors affect the oil market, both in the long and short term. We do not wish to speculate as to what effect the fall-out from the Doha-meeting will have on the oil market," the ministry's communication adviser Hakon Smith-Isaksen said.
Previous to the negotiations, Iran ruled out freezing its production levels citing the need to regain its market share following the lifting of the international sanctions in January. On Sunday, Tehran made a last minute decision not to attend the Doha talks that prompted Saudi Arabia to refuse the idea of freezing production unless other major producers did the same.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply.
