No agreement on capping oil production output on Sunday

According to media report, the widely anticipated meeting between world's major oil producers on Sunday, 17 April 2016 ended without concluding any freezing output deals.

The meeting started with delegates circulated a draft accord that calls for freezing output at January levels until Oct. 1 to gauge its effect on prices. The talk was delayed several times during the session as members disagreed on the wording of the accord, and the meeting quickly turned to confusion, as Saudi Arabia appeared to step back from any agreement without geopolitical rival Iran, the WSJ reported.

Russian delegates were surprised with the outcome, yet stated that the door is not closed to a future accord, although Russia won’t be as optimistic as before. Oil market tumbled as much as 6.8% after the meeting. However, analyst expected that the longer impact of the failure to freeze production could be blunted by the reality that low prices are already pushing many cash-strapped producers out of the market, making a formal freeze less important.