Too bad the market wasn't open for all this drama. In any case, it's going to be a wild day in oil trading and most likely a very ugly one.
Oil ministers made comments as they left the summit and expressed frustration while trying to spin some positives.
Russian oil minister Novak said all nations agreed that a freeze was "reasonable" but wanted different terms. He said his country didn't see the need for all countries to join (an allusion to Iran's non-participation).
Novak also outlined the consequences. He said the lack of a freeze likely means that a rebalancing of the market will be delayed by 6 months, in around mid-2017.
Going into the meeting, he said Russia expected a deal but that Saudi Arabia and others changed their position. Overall, he said that the door isn't closed on a deal.