The world oil market can return to normal, at least the normal that has characterized it for the last couple of years, now that a hyped-up meeting of major oil producers has ended without striking a deal to freeze production and bolster prices.
The mere hint that Saudi Arabia, Russia and other major oil producers would follow through on a commitment to limit oil output to January levels had contributed substantially to a 50% rebound in prices for the commodity since February, when the goal was announced.
But even as delegates from the producing nations arrived in Doha over the weekend, expectations were widespread that the unusual meeting would end in stalemate, as it did on Sunday. (Read more)
