Guinness AM: Sentiment hit but oil market is rebalancing without Doha

Significant meeting means limited oil price downside

The Guinness AM Global Energy team give their assessment of the outcome of a recent key meeting for the world's biggest oil producers.

A total of 18 OPEC and non-OPEC nations, including Saudi Arabia and Russia and representing over 70% of world oil supply, met in the Qatari capital Doha on Sunday April 17 but were unable to finalise an agreement to freeze oil production at January 2016 levels. Iran did not attend the meeting - stating that it was unwilling to limit its production at January 2016 levels when sanctions on the country had only just been lifted - and Saudi Arabia was unwilling to join an agreement that did not include a freeze of Iranian production. Hence no deal. The meeting lasted much longer than expe...