The Opec+ grouping has pushed back from April to June a decision on whether to extend cuts into the second half of the year. Leading figures blame market uncertainty caused by US sanctions on Iran for the decision. They say it will be impossible to forecast 2H 2019 market dynamics without having a clear picture of whether or not US sanctions on Iran will be ratcheted up when the current round of ‘waivers’ expires on 4 May.

The US is currently fostering a policy of deliberate ambiguity – a policy that may well continue right up to 4 May, and possibly beyond. While this undoubtedly obscures sightlines it is also clear that there is differing appetite for an extension within the Opec+ grouping irrespective of this uncertainty. (CONTINUED - 1087 WORDS)