ERBIL, Kurdistan Region—A meeting of major oil-producing nations aimed at stabilizing the global oil market by freezing production has ended without an agreement. Representatives of eighteen oil-producing nations have been hammering out a deal since February to freeze production at January levels until October 2016. The meeting on Sunday in Qatar was to be a rubber stamping of the agreement but ended with nations stating they need more time. OPEC member Iran was not in attendance in Qatar. Iran is the only major oil-producing nation that has refused to participate in any freeze on production levels and has stated that they will increase production to pre-sanction levels. If successful, the agreement would be the first such production deal in 15 years.
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