OPEC to resume talks in June on production freeze

The Organization of Petroleum Exporting Countries will resume talks at a meeting in June to reach an agreement on freezing oil output, Iraq’s governor to OPEC said just days after politics thwarted a deal to cap production and curb the global glut.

No deal will be possible without a change in “political positions,” Falah Al-Amri said on his Facebook page. Negotiations among 16 oil producers in Doha on Sunday ended without any accord after Saudi Arabia demanded all producers take part in a freeze. Saudi Arabia’s regional rival Iran decided not to take part in the talks because it wants to restore exports which had been curbed by international sanctions.

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