No deal
OPEC and non-OPEC ministers finish talks in Doha without an agreement, according to Reuters. They cite an unnamed source.
Too bad the market wasn't open for all this drama. In any case, it's going to be a wild day in oil trading and most likely a very ugly one.
Oil ministers made comments as they left the summit and expressed frustration while trying to spin some positives.
Russian oil minister Novak said all nations agreed that a freeze was "reasonable" but wanted different terms. He said his country didn't see the need for all countries to join (an allusion to Iran's non-participation).
Novak also outlined the consequences. He said the lack of a freeze likely means that a rebalancing of the market will be delayed by 6 months, in around mid-2017.
Going into the meeting, he said Russia expected a deal but that Saudi Arabia and others changed their position. Overall, he said that the door isn't closed on a deal.
