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.