Here’s Why There Won’t Be an Oil Production Freeze Deal This Year

After failed talks in Doha over the weekend, one analyst isn't confident the world's major oil producers will agree to a production freeze at any point this year. Spencer Welch, an oil analyst with IHS, based in London, said Iran isn't going to take part in any production cap until it has regained its market share following years of burdensome sanctions. 'They're targeting around 4 million barrels per day of production,' he said, adding that those levels won't likely be reached in 2016. Saudi Arabia said it won't agree to a cap unless Iran participates, the reason for this weekend's failed talks. 'If Saudi Arabia sticks to what they just said, then there is not going to be a deal this year,' he added. TheStreet's Scott Gamm reports from Wall Street.