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The world's biggest oil producers have failed to reach agreement at a meeting aimed at freezing output and reassuring markets that a recent recovery in prices could be sustained.
This deadlock meeting may pose a greater challenge to President Muhammadu Buhari 2016 Budget which pegged oil price at $38 per barrel.
Sunday's talks in Qatar's capital saw the Organisation of the Petroleum Exporting Countries (OPEC) - and, unusually, other producers - trying to agree that average daily crude oil production in the coming months would not exceed levels recorded in January.
Qatari Energy Minister Mohammed Saleh al-Sada said - after six hours of negotiations - that consultations would continue between the parties until an OPEC meeting in June.
"All participating countries will consult among themselves and with others," he said.
This deadlock meeting posed a great tension on Nigeria's oil production and price of crude at the international market as analysts predicting failure to reach deal will lead to "severe" drop in oil prices.
This deadlock meeting may pose a greater challenge to President Muhammadu Buhari 2016 Budget which pegged oil price at $38 per barrel.
Sunday's talks in Qatar's capital saw the Organisation of the Petroleum Exporting Countries (OPEC) - and, unusually, other producers - trying to agree that average daily crude oil production in the coming months would not exceed levels recorded in January.
Qatari Energy Minister Mohammed Saleh al-Sada said - after six hours of negotiations - that consultations would continue between the parties until an OPEC meeting in June.
"All participating countries will consult among themselves and with others," he said.
This deadlock meeting posed a great tension on Nigeria's oil production and price of crude at the international market as analysts predicting failure to reach deal will lead to "severe" drop in oil prices.
