Oil prices tumble after Saudi-Iran tensions sink output deal | Reuters:
"Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel.
Tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts.
"OPEC's credibility to coordinate output is now very low," said Peter Lee, oil analyst at BMI Research, a unit of rating agency Fitch. "But this isn't just about oil for the Saudis. It's as much about regional politics.""
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