The oil cartel is expected to meet in Doha this month to go over an accord on capping output.
“The Saudis are now saying that they will only freeze if everyone else lines up behind the idea,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, told Bloomberg. “That makes the meeting useless since the Iranians are going to continue increasing output.”
Iran, which is just coming off a years of a sanctions and embargo, has been left out of the oil market and is just beginning to ramp up production for global sale. The Middle East country maintained that it will not contribute to any output freeze until its crude exports hit pre-sanction levels.
United States Oil Fund