Doha – Mubasher: The world's largest oil producers concluded negotiations today in Doha and reached the conclusion that they needed "more time", according to Qatar's Oil Minister Mohammed bin Saleh Al-Sada.

"The general conclusion was that we need more time to consult among ourselves in OPEC and non-OPEC producers," Sada said.

Following more than five-hour discussions, ministries of participating countries announced failing to reach an agreement.

"With Iran, we respect their position and through further consultation, we don't know how their future will unroll," Qatar's oil minister said. "It was a sovereign decision by Iran. A freeze would definitely be more effective if OPEC and non-OPEC" participated he added.

"All participating countries will consult among themselves and with others," he said.

Oman's Oil Minister Mohammed al-Rumhy said one reason a deal was not reached was that not all OPEC members were present.