Oil prices slid after a meeting between major producing nations on a proposed output freeze fell apart, leaving the world grappling with an excess of unwanted crude.

Oil producers including Gulf Opec members support holding talks next month on a deal to freeze output even if Iran declines to participate, Opec sources said, as political pressure to prop up prices increases.

Opec is very unlikely to cut output at its next meeting in June, even if prices remain extremely low, according to organisation sources and delegates, as it will be too early to say how fast Iranian output is rising.