"I do not think that the Doha talks' failure can be considered to be the end, but rather a good beginning. This is just the first meeting of OPEC countries with countries not part of the organization. It is possible that there will need to be repeated attempts for achieving mutual understanding," Jihad said.
Oil producers' pursuit of an agreement in itself indicates a level of responsibility with regards to the slump in oil prices and the recognition of the importance of restoring them to previous levels, he added.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply.
The slump has been driven by the ongoing glut in oil supply, with production standing at record levels. The total output by the OPEC member states amounted to 32.182 million barrels per day in December, over half a million in excess of its 31.5-million barrel production ceiling set on December 4. Output increased to 32.3 million barrels per day in January, according to the organization.
