OPEC, non-OPEC states fail to reach deal on output freeze
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OPEC and non-OPEC producers on April 17 failed to reach a deal to freeze oil output, three oil industry sources told Reuters.
Sources said OPEC producers had told non-OPEC members they needed first to reach a deal within OPEC, possibly at a June meeting.
After that, OPEC will be able to invite other producers to join.
Meanwhile, oil futures traded sharply lower in Asia on April 18 after a deal to freeze oil output by OPEC and non-OPEC producers fell apart when Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices, Reuters reported.
Nymex crude for May CLc1 was trading 6.7 percent lower at $37.68 a barrel. The Brent contract for June also dropped 6.7 percent to $40.18 a barrel LCOc1.
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