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