INSUBCONTINENT EXCLUSIVE:
United States President Donald Trump said he would impose tariffs on crude imports, if necessarysingapore / New York: Oil prices slipped
more than $1 a barrel on Monday, after the world's top producers delayed a meeting to discuss output cuts that could partly alleviate
oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at
$32.82 by 0203 GMT, down $1.29, or 3.8%
West Texas Intermediate (WTI) crude fell $1.66, or 5.9%, to $26.68 a barrel, after earlier touching a low of $25.28.Late last week, prices
deal to cut crude supply worldwide by at least 10 million barrels per day (bpd).Prices on both sides of the Atlantic marked their worst
month on record in March as the coronavirus pandemic crippled demand while a price war between Saudi Arabia and Russia left the market awash
in supplies.The producers were initially set to meet on Monday, but that has now been pushed to April 9, after they blamed each other for
the collapse of talks in March.It "just took a delay in the meeting between Saudi and Russia to knock the wind out of that rally", said
bpd in the second quarter even with output cuts of 10 million bpd.He urged the world's richest economies to discuss broader ways to
stabilise oil markets.Still, a move by Saudi Arabia to delay the release of its crude official selling prices indicates it is not eager to
flood the market with low-priced supplies before a potential agreement, said Robert McNally, president of Rapidan Energy Group in Bethesda,
Maryland."That's a pretty clear sign that they are open to cutting production in May," he said.The kingdom delayed the release until
Friday to wait for the outcome of the meeting between OPEC and its allies regarding possible output cuts, a Saudi source told Reuters.Oil
prices could also firm as decades-low prices have already forced producers to cut output, CMC's McCarthy said."There's a lot of talk
McCarthy said."In the short term the low prices are very painful, but if it does lead to a lot of those players leaving the industry, the
supply side of the equation will balance out."Rig counts in the United States fell by 62 last week, energy services firm Baker Hughes Co
coronavirus-related slump in economic activity and fuel demand.Brazil's Petrobras has also doubled its oil output cuts to 200,000 bpd, or
