A meeting of major oil producers in Qatar Sunday failed to reach a deal on capping oil production - a move intended to keep oil prices from sinking below decade-lows. After six hours of talks, energy ministers in attendance said they need more time to strike a deal.

The decision comes after reportedly exhausting talks in Qatar's capital Doha Sunday between the world's biggest oil producers.  The meeting was called after January oil market surpluses triggered the lowest oil price dip in twelve years prompting fears of deeper decline and market volatility.

Which was stalemate. Negotiators failed to agree on whether a production halt deal would extend to Iran and other producers like Libya, Iraq and Brazil who didn't attend the summit.  

OPEC members are not scheduled to meet face-to-face again until June.

Sunday's stalemate is expected to impact oil trade as Asia markets open Monday morning.