A proposal to cancel the April meeting on Oped-led supply cuts helped push down prices further
A view of the main deck of Tullow Oil's newly completed Floating Production, Storage and Offloading vessel . Britain's Tullow Oil is sending one of the world's biggest floating deep-water oil production platforms to West Africa to pump crude for at least 20 years. Picture: REUTERS
Japan’s exports fell for a third month in February and US manufacturing output fell. Analysts at Bernstein Energy said on Monday that while they expect oil demand to rise by 1.3-million barrels a day in 2019, a global slowdown could limit growth to below 1-million barrels a day. Oil edged lower after an Opec source said a panel meeting on Monday to review progress with an Opec-led supply cut deal is recommending the producers cancel a policy meeting in April, seen as a bearish outcome to the talks.
Brent still has gained around a quarter since the start of the year due to supply cuts since January 1 led by the Opec and allies such as Russia, and US sanctions on Opec members Iran and Venezuela.
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