Failure In Doha: Naimi Overruled As Saudis Double Down on Market Share Strategy

Prince Muhammad took a hard line, declaring that the Saudis would not freeze production unless “all main producers” including Iran joined in.

Naimi suggested an alternate stance: The Saudis might be willing to forge a producers’ agreement without Iran. A Saudi draft agreement circulating at the meeting said as much.

The failure of Sunday’s summit tells us that Prince Muhammad is in firm command of Saudi oil market strategy. The Minister of Petroleum and Minerals may no longer even represent an inside participant in the process .... http://www.forbes.com

Venezuela says OPEC trust badly broken after Doha failure

Trust within OPEC is badly broken after a failure to reach a deal to freeze oil production levels at a meeting in Doha on Sunday, Venezuelan Oil Minister Eulogio Del Pino told reporters.

He said he believed Saudi Arabia was behind the failure, adding that he was under the impression the Saudi delegation, including minister Ali al-Naimi, "had no authority to decide on anything" as they were under strict instructions from Riyadh .... http://www.reuters.com