The emergency meeting of the Organisation of Petroleum Exporting Countries, OPEC, convened to find a common ground to boost oil prices ended without any resolution.
The meeting held in Doha, the Qatar capital, could not reach a resolution on whether there should be a cut in output by members, amid reports of heightened tension between two of the world’s leading oil producers, Saudi Arabia and Iran.
Iran, which recently returned to the group after international sanctions imposed on it was lifted, wants to begin supply of an average 3.1 million barrels per day of crude to the international market .
With oil price is currently at an average of $39 per barrels, members thought there was need to get together to attempt to strike a deal to stabilise the market and bolster prices.
Although most members had seen the prospect of achieving this objective, reports said the absence of Iran at the meeting made it difficult for any decision.
Saudi Arabian officials have always said that their country would be willing to abide by the resolution to cut production if Iran was ready to do the same.
Since it returned to the group early this year, Iran has made its position clear that it was more interested in making up for lost grounds, in terms of supplying its oil to cover those years it was shut out by the international sanctions.
It was learnt that efforts by Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu, to forge a truce between the two leading producers did not yield the desired result, an indication that the negative impact of the declining global oil prices on the Nigerian economy may continue to linger for some time.
The meeting, which was chaired by the Qatari minister of energy and industry, Mohammed Al Sada, was adjourned to June.
When the group met about five months ago, members had agreed that the best way forward to stabilise the market and firm up prices was to cut January production levels until October 2016.
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