A line handler helps dock the oil tanker, Texas Voyager, as it pulls into its mooring to offload its crude oil at Port Everglades on April 21, 2020 in Fort Lauderdale, Florida.
Oil prices slipped on Tuesday amid concerns over mounting supply after leading producers delayed talks on 2021 output policy that could extend production cuts as the coronavirus pandemic continues to sap fuel demand.
OPEC+ delayed talks output policy for next year until Thursday, three sources told Reuters, as key players were still in disagreement on how much oil they should pump amid weak demand.
"I suspect that, ultimately, OPEC+ will extend the production cut program by three months," said Bob Yawger, director of energy futures at Mizuho Securities.
Sources said the UAE had complicated the picture by signaling it would be willing to support a rollover of supply cuts only if group members' compliance with cut commitments improved.
Brent, Bob Yawger
Texas, . West Texas, Organization of, Petroleum, Mizuho Securities, United Arab Emirates, UEA
Port, Fort Lauderdale , Florida, Covid, OPEC, Russia, UAE, Saudi Arabia