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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.

CNBC [1]

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Craig Erlam

Craig Erlam [5]

Senior Market Analyst, UK & EMEA at OANDA [6]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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