OPEC fails to agree production ceiling after Iran pledges output boost | Reuters:
"OPEC members failed to agree an oil production ceiling on Friday at a meeting that ended in acrimony, after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.
Friday's developments set up the fractious cartel for more price wars in an already heavily oversupplied market.
Oil prices have more than halved over the past 18 months to a fraction of what most OPEC members need to balance their budgets. Brent oil futures fell by 1 percent on Friday to trade around $43, only a few dollars off a six year low."
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