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.

Saudi Arabia will only freeze its oil output if Iran and other major producers do so, the kingdom’s deputy crown prince said, challenging the country’s main regional rival to take an active role in stabilising the over-supplied global crude market.

British explorer Europa Oil and Gas has said the current oil price environment is not hampering its efforts to find development partners for assets it holds in Ireland and elsewhere.

Oil declined after an official report showed US crude inventories advanced to an 86-year high.

Oil deepened its weekly decline as Goldman Sachs Group said a global supply surplus could force prices to $20 a barrel. Futures fell after two weeks of gains. Goldman said yesterday the world’s oil glut is even bigger than it thought.

Iran’s new president today nominated a Cabinet that featured hard-liners in key ministries and is likely to lead to more confrontation in the country’s dispute with the West over its nuclear program.

Opec ministers holding a crucial summit today in Qatar voted to keep production levels unchanged because of delays in the resumption of Iraqi oil exports.

CRUDE oil fell for a fifth session on expectations that US inventories will increase even after production cuts by the Organisation of Petroleum Exporting Countries take effect in June.

OPEC is to cut crude production at its extraordinary meeting on January 17, Iranian Oil Minister Bijan Namdar Zanganeh says.