OPEC's sequel to blockbuster oil deal faces struggle in 2019

The petroleum cartel's plans to revive oil markets are receiving a more chilled reception than its successful strategy last year. There is growing speculation that surging US shale output and uncertain fuel demand could thwart OPEC's efforts.

Photo: Bloomberg

OPEC's bold strategy to revive oil markets proved a surprise success last year, but the sequel they have 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 US shale output and shaky fuel demand may thwart the coalition's efforts.

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