OPEC and Russia Fail to Make Production Freeze Deal

In a meeting over the weekend in Doha, Qatar, OPEC members and Russian representatives failed to come to an agreement on a production freeze. The talks failed to reach agreement, partly because Saudi Arabia wanted Iran to participate in the proposed freeze. Oil prices in Asia plunged over the news, but the market in London recovered on Monday morning, reacting to an energy labor strike in Kuwait that may “crimp global oil supplies.” A London representative of Barclays said in an interview with the New York Times, “The main message is that OPEC is not united and, in particular, there is a big divide between Saudi Arabia and Iran.”