Oil, fails the super summit in Doha

The marathon negotiations in Doha is of no effect: the agreement to freeze the production of oil has not been reached. After a long standoff sixteen producers, OPEC and not, who had gathered in the capital of Qatar have declared surrender, opening the way to a likely decline in international oil prices. Largely it was precisely the expectation of an agreement to support the recovery of Brent, who had climbed the slope to nearly $ 45 a barrel last week, after he collapsed in January under $ 30, the lowest for 13 years .

Also an agreement in Doha would not have moved far the balance between supply and demand. The draft which made from canvas the discussions included a stabilizing output to the levels of January through October. A committee consisting of four ministers, two OPEC and two not, should have supervised the compliance with the agreements. In January, however, the production of the countries involved was very high. And leave out Iran, pledged to recover the production levels before sanctions, have also undermined every effort.

The unresolved point that led to the failure of the summit was Iran. Saudi Arabia in fact had insisted that only if Teheran had slowed production, would do the same. But the Iranians in Doha did not show up after having clarified unequivocally that they would not cooperate. Minister Bijan Zanganeh had even called it "ridiculous" the claim to convince him.

Meanwhile intervened the strike of oil workers in Kuwait, which has temporarily reduced production in the country to 1.1 million barrels per day, 1.9 million less than the norm. In this way the oversupply that depressed crude oil prices has disappeared at the time.