Doha

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.

Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' deal, which had looked imminent last week, failed to materialise. At the end, Saudi Arabia’s position to maintain market share was the reason talks collapsed as it wanted all major non-US producers – in other words, Iran – to be part of any freeze deal. But I wonder how such a deal would have changed the fundamentals in any way. As Oman's oil minister said, many oil producers with the exception of a few such as Iran are already at peak production capacity anyway. A deal to freeze oil production at these peak levels would therefore not have helped to immediately reduce the supply glut significantly quicker than would be the case now. In fact, one could argue that by maintaining the status quo and with oil prices being notably higher than back in January and February, there was less motivation for the Saudis to compromise as they can afford to play out their strategy of driving weaker US shale oil producers out of business. Now that US oil output is finally responding to the significantly weaker oil prices, the market can, over time, re-balance itself anyway without the need of intervention from the OPEC and Russia.  That being said however, a deal to freeze production could have sped up the rebalancing process slightly.