OPEC's Sequel to Blockbuster Oil Deal Faces Struggle in 2019 - Bloomberg

OPEC's Sequel to Blockbuster Oil Deal Faces Struggle in 2019 - Bloomberg:

OPEC’s bold strategy to revive oil markets proved a surprise success last year, but the sequel they’ve unveiled for 2019 is getting a cooler reception.

Oil prices have slumped in the two weeks since the cartel and its allies announced they will cut production to prevent a surplus, in contrast to the rally that greeted their previous intervention. From Wall Street oil-watchers to Russia’s central bank, speculation is growing that booming U.S. shale output and shaky fuel demand may thwart the coalition’s efforts.

Saudi Arabia’s assurance on Wednesday that the agreed six months of cuts will probably be extended -- a pledge that comes before the deal has even started -- only underscored the prevailing anxiety.