The 17 April meeting in Doha between Opec members and other oil-producing countries has ended without an agreement.

The impasse was largely a result of Iran’s decision not to attend the summit and Saudi Arabia’s reluctance to agree to a deal to freeze production unless its regional rival did the same. The draft accord prepared ahead of the meeting proposed to hold output at January levels until at least October.

Ahead of the Doha meeting, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman al-Saud said it could raise crude output by more than a million barrels a day immediately if there was demand for it.

Oil prices fell by more than 4 per cent after the meeting. The price for Brent crude was $43.80 a barrel when markets closed for the weekend. The price had fallen to $41.80 when markets opened on Monday 18 April.

The drop in prices also comes despite Kuwait production being reportedly cut due to industrial action by oil workers in the countries.

Brent has recovered from a low of $27 a barrel earlier this year. The price reached a 2016 high of more than $44 on 13 April as the market anticipated a positive decision in Doha.