OPEC: Vienna Summit didn’t lead to any conclusion

OPEC fails to take any decision regarding the production, despite the efforts of Saudi Arabia's accession to merge towards a freeze of the production ceiling. The oil is reacting very badly to this news and collapses on today's minimum: WTI yields 1.7% to $ 48.16 a barrel and Brent 1.2% to $ 49.09.

After 4 hours of debate, the 13 OPEC oil ministers have not found the agreement. At the opening of the debate this morning, the Minister of Qatar Mohammed Bin Saleh al-Sada said that the cartel expects a sharp decline in non-OPEC production in 2016.

The Vienna Summit would have to approve a bid rationing of the cartel, but are still conflicting views. In particular, it remains opposed to Iran, which has recently restored its production, after the long stalemate caused by the dispute on nuclear power. OPEC, at the end of the meeting, also announced the appointment of the new secretary of OPEC, the oil minister of Nigeria Bakindo.