Saudi Arabia vs Iran: Blame Game Begins After Doha

After the collapse of major oil producer talks this weekend, analysts are questioning whether diplomatic relations between Saudi Arabia and Iran are damaged for good.

Talks between OPEC and non-OPEC oil producers in Qatar on Sunday failed to produce any deal to freeze production to support oil prices. This was largely due to a clash between OPEC members Saudi Arabia and Iran over oil production levels.

Saudi Arabia, the de facto leader of the 13-member oil producing group, said it would not freeze output levels if Iran did not do the same. But Iran, which was absent from the talks, has repeatedly said it is unwilling to freeze production levels as it wants to regain the market share it lost during years of economic sanctions.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.