Imports

Global demand for OPEC’s crude will rise in the next two years more slowly than expected, the group forecast, as a recovery in prices resulting from an OPEC-led supply cut stimulates renewed output growth from non-members.

OPEC is heading for tougher-than-expected policy talks this week as its leader Saudi Arabia pushes to extend oil output cuts by nine months while non-member Russia is hesitating on the curbs’ duration due to worries that the market could overheat.

Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil output by around 1 million barrels per day, sources familiar with the matter said.

The U.S. trade deficit widened more than expected in December to its highest level since 2008, as robust domestic demand pushed imports to a record high, potentially putting pressure on the Trump administration as it renegotiates trade deals.