DOHA, Qatar, Apr 18 2016 (IPS) - Thanks to tensions between Saudi Arabia and Iran, major oil producers couldn’t come to an agreement in Doha to freeze their output to January levels to raise oil prices. The current low oil prices have a lot to do with the grim outlook for global economic growth while supply is growing. China, the second largest economy in the world, is slowing down. Not surprisingly, global oil demand is much lower at 94.8 million barrels a day vis-à-vis supply of 96.3 million barrels a day in the first quarter of 2016 according to the International Energy Agency.