Iran and Libya were the only OPEC members that did not attend the meeting.
Iranian Central Bank Governor Valiollah Seif told CNBC through an interpreter that it is not "fair" or "logical" to ask Iran to freeze production as it seeks to return to presanctions output levels.
"Right now Iran is just trying to take back the quota it is entitled to get, so we are going to do that, and this is the main direction of our economy," he said.
Doug Terreson, head of energy research at Evercore ISI, said Iran and Saudi Arabia should consult one another to create a path forward ahead of an OPEC meeting in June. But he said he is not expecting the group to come to an agreement at that gathering either.
"In that scenario, we think that the oil market is likely to rebalance the old-fashioned way, with lower oil prices leading to stronger demand and weaker supply," he told CNBC's "Fast Money: Halftime Report."
Evercore believes that process is underway, and sees Brent crude ending 2016 at $45 to $50 per barrel.
A strike among oil workers in Kuwait is temporarily supporting oil prices, but the downward pressures on crude futures will be "intense" as the Saudis compete for market share with other producers, Kilduff said.
The last key to the further pressure on oil prices could be slowdown in crude demand following the International Monetary Fund's downward revision to its world growth forecast last week, Kilduff said.