OPEC, other nations fail to reach deal on production freeze

OPEC producers tell non-OPEC members that they needed to first reach a deal within OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Sunday 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, the OPEC will be able to invite other producers to join.

Meanwhile, Qatar's oil minister Mohammed al-Sada said that the OPEC needed more time for consultations to reach an output freeze deal.