Doha oil-freeze talks end in failure

Negotiations between 16 oil producers in Doha ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.

The summit in the Qatari capital, which dragged on for more than 10 hours beyond its initially scheduled conclusion, finished with no final accord, Nigeria’s petroleum minister Emmanuel Kachikwu told reporters.

Discussions stumbled over whether the agreement should extend to other producers such as Iran, which wasn’t present, according to a person familiar with the matter. The inability to reach consensus will lead to a “severe” drop in prices, Citigroup had predicted before the meeting.