Mohammed bin Saleh al-Sada, Qatar's energy and industry minister, addresses journalists at the end of a summit in Doha, Qatar, on Sunday, April 17, 2016. (AP Photos/Jon Gambrell)
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Oil plunged Monday after the world's top producers failed to reach agreement on capping output to ease global oversupply, as tensions between Iran and Saudi Arabia stymied an anticipated deal.Prices tumbled more than five percent in early Asian trade after top producer Saudi Arabia said a deal must include all members of the OPEC producer cartel -- including rival Iran, which boycotted the talks. Many had expected Sunday's talks to reach a deal to stem a nosedive in oil prices that has seen them more than halve from their mid-2014 peaks, costing exporters billions in lost revenue. But after hours of negotiations, the 18 producers concluded that they needed "more time" to reach an agreement on limiting supplies, Qatari Energy Minister Mohammed bin Saleh al-Sada said. OPEC said Wednesday that Iranian oil production in March was 3.3 million barrels per day (bpd), up from 2.9 million in January, but still short of its pre-embargo level of around 4.0 million.
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