On Saturday, Iran's deputy oil minister said the country "saw no reason" to attend the talks because it needs to get back to the level it produced before worldwide sanctions against Tehran. Prices had rebounded last week on hopes the OPEC exporters' club and other major players, including Russian Federation, would agree to freeze output levels at Sunday's meeting. Crude oil prices remained lower after major oil-producing nations failed to hammer out a deal over the weekend to reduce output. "We believe prices will rise regardless what OPEC does or does not do as USA shale oil production, not Saudi Arabia, will be the new swing producer", Gheit said. "Delegates said Saudi Arabia had in effect torn up an earlier draft of the deal as it decided it could not be party to an agreement that would give Iran any leeway".
OPEC fell just short of its production goal in January, as a fresh round of output cuts from the 14-nation producer group got under way.
The slight miss comes as the group once again cut its outlook for global oil demand in 2019. Meanwhile, OPEC slightly increased its forecast for supply from the United States and other non-OPEC nations.
OPEC is partnering with 10 non-member nations, including Russia, to keep 1.2 million bpd off the market.
more detail at source: https://www.cnbc.com/2019/02/12/opec-slashes-oil-output-in-january-pumps-just-above-oil-target.html