Breakfast Report - 18th April 2016
​Oil prices retreated this morning, with major indices Brent and WTI down 5% each, following the inability of OPEC and major non-OPEC producers to reach an agreement to freeze oil production at a meeting in Doha, Qatar on Sunday. The failure of the meeting was blamed on strains between Saudi Arabia and Iran, when Saudi demanded that Iran join the output freeze whereas Iran has refused to cut production as it seeks to regain market share following lifting of sanctions in January. Inability of OPEC to coordinate output and speculation about a market share battle through steeper discounts have weighed on market sentiment, noting the decline in oil prices.
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