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World

Oil meeting in Qatar ends without freeze as Iran absent

Jon Gambrell - Associated Press

DOHA, Qatar - Oil-rich nations gathered in Qatar ended their summit yesterday just hours after it began, saying they need "more time" before agreeing to a production freeze.

Eighteen oil-producing nations were at the Doha summit, with OPEC member Iran sitting out the meeting.

Those in Qatar discussed a proposed freeze on crude oil production to January levels as a means to increase global oil prices, which are just over $40 a barrel after being more than $100 in mid-2014.

Iran has pledged to keep increasing its production to pre-sanctions levels after the nuclear deal with world powers, incensing its regional rival Saudi Arabia.

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