Algeria floats idea of larger OPEC+ oil cut, rollover still likely - sources - Reuters

Algeria floats idea of larger OPEC+ oil cut, rollover still likely - sources - Reuters:

Algeria has floated an idea of increasing an oil supply cut by OPEC and its allies in the second half of 2019 as demand falters, OPEC sources said, although rolling over current output curbs is still the most likely scenario.

Oil has tumbled from a 2019 peak above $75 a barrel in April to $61 a barrel now on concerns about weakening demand due to a U.S.-China trade dispute and an economic slowdown, raising alarm among some oil exporters.

The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have implemented a deal since Jan. 1 to cut output by 1.2 million barrels per day (bpd).