After Doha Fail Iran and Saudi Arabia Back to Drawing Board

April 18, 2016 Share Print 0

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.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.