Oil meeting in Qatar ends without freeze agreement

World Today

Russian Energy Minister Alexander Novak, center, arrives at an oil-producers’ meeting in Doha, Qatar, on Sunday, April 17, 2016. Oil-producing countries are meeting in Qatar to discuss a possible freeze of production to counter low global prices, but Iran’s last-minute decision to stay home could dilute the impact of any agreement. (AP Photo/Jon Gambrell)

Oil-rich nations gathered in Qatar ended their summit Sunday just hours after it began, saying they need “more time” before agreeing to a production freeze.

Eighteen oil-producing nations were at the Doha summit, with OPEC member Iran sitting out the meeting.

Those in Qatar discussed a proposed freeze on crude oil production to January levels as a means to increase global oil prices, which are just over $40 a barrel after being more than $100 in mid-2014.

Iran has pledged to keep increasing its production to pre-sanctions levels after the nuclear deal with world powers, incensing its regional rival Saudi Arabia.

Russia is in the midst of a recession, and desperately in need of a rise in oil prices. The slump has boosted inflation, slashed the value of the Ruble, and is now threatening the homes of millions of families. CCTV’s Elena Casas filed this report from Moscow.

Oil price slump slashes value of Ruble

Russia is one of the countries that most needs oil prices to rise. The sliding prices have led to inflation and the depreciation of the rouble, threatening the homes of millions of families. Elena Casas reports from Moscow.

Story by the Associated Press.