There was a fall in commodity currencies on Monday following the disappointment of the Doha meeting which took place on Sunday. The meeting which was held between major oil producing and exporting countries didn't materialize into the freezing output as was expected. This again caused a decline in oil prices. The meeting was not successful at resulting in a major freeze of oil output following calls from Saudi Arabia that Iran should be part of the deal. This was really disappointing as many were expecting Saudi Arabia to contribute heavily towards the success of the meeting in keeping oil prices up. The turn of events in the failed Doha meeting raised concern and worries over the relevance of the OPEC in controlling proceedings in the oil market, as fuel supply at present is much more than that demanded. Investors in the market fear that major oil exporters have abandoned a general agreement in a hassle for individual market control. This is more likely as Saudi Arabia is threatening to raise output supply should a deal not be reached soonest. Iran on the other hand is not looking to take part in the deal as the nation is determined to raise up production capacity to the level it operated at before Iran was hit with sanctions from the West (which have now been raised). This disagreement between Iran and Saudi Arabia is even worsened as both nations support opposite parties in the conflict in Yemen.
