It emerged from the meeting held in Doha on April 17, 2016, that main oil producers could not reach any agreement regarding production freeze. As a result, all eyes are on barrel’s price which could plunge once more.

“Negotiations will take more time and consulting,” said Qatar’s minister of energy, Mohammed ben Saleh Al-Sada. However, a date for a new meeting is yet to be set.

Iran’s absence at the meeting weighed heavily on its outcome. Saudi Arabia fears that cutting production would profit Iran, its main rival. Quite understandable given that Iran clearly said it intended to rapidly gain back its market shares after international sanctions, due to which it exited the market, were lifted. “There is no way that Iran will renounce to its output quota,” Iran’s Minister of Oil, Bijan Namdar Zanganeh said before the Doha meeting.