A meeting of the world’s leading oil exporters to discuss capping production has ended without agreement.
After six hours of talks in Qatar, the country’s energy minister Mohammed bin Saleh al-Sada said that the oil producers needed “more time”.
Saudi Arabia, the world’s largest oil exporter, appeared willing to only freeze output if all Opec members agreed, including Iran.
But Iran maintained it would continue the increase in oil production it has followed since economic sanctions were lifted earlier this year.
The price of oil has risen in recent weeks largely due to traders considering the possibility that some major exporters will limit supply.