* Saudis maintain allocations for April, trade sources say
* Saudi allocations suggest OPEC may keep quotas unchanged
* US data likely to show 400,000-barrel fall in crude stocks
(Updates throughout, changes dateline, pvs SINGAPORE)
By Christopher Johnson
LONDON, March 10 (Reuters) - Oil slipped below $47 a barrel
on Tuesday after reports Saudi Arabia was keeping supply
allocations to customers steady for April, suggesting OPEC may
maintain existing production output quotas on Sunday.
The Organization of the Petroleum Exporting Countries meets
in Vienna on March 15 and must decide whether to cut production
further in an attempt to support oil prices that have fallen by
around 70 percent from a peak of almost $150 last year.
OPEC's largest member, Saudi Arabia, notified customers of
largely steady supplies for April from March, traders said on
Tuesday, a day after a Saudi-owned newspaper said the world's
top exporter wanted stricter compliance with existing curbs
before considering more cuts. [] []
Dealers were also looking ahead to weekly U.S. oil stocks
data expected to show another fall in inventories.
U.S. light crude for April delivery <CLc1> fell 28 cents a
barrel to $46.79 by 0944 GMT, having gained more than 3 percent
on Monday, on OPEC's hints of further cuts and after a naval
incident between the United States and China.
London Brent crude <LCOc1> was up 5 cents at $44.18 after
settling 72 cents lower on Monday at $44.13.
Oil traders and analysts said Saudi Arabia appeared to be
hinting that there would be no change in production quotas at
the Vienna OPEC meeting.
"This is evidence that OPEC is not going to cut," said
Sintje Diek, oil analyst at HSH Nordbank in Hamburg.
"Nevertheless, I would not completely exclude that they will
announce another production cut on Sunday."
OPEC has already promised to cut 4.2 million barrels per day
(bpd) of production from its output levels since September.
OPEC Secretary-General Abdullah al-Badri said on Monday the
12-member producer group would consider reducing output again at
the meeting. OPEC will predict 2009 demand for its oil will be
1 million barrels per day (bpd) lower than the previous year in
a monthly report due on Friday, Badri also said. []
The U.S. Energy Information Administration will release
later on Tuesday its monthly short-term energy outlook, which
will likely contain a cut in its demand forecast.
The EIA's forecast is the first of three widely watched
reports on world petroleum use to be released this week. The EIA
has lowered its estimate for 2009 global oil demand in 10 out of
its last 13 monthly forecasts. []
Compliance with existing curbs is very high at more than 80
percent, according to independent observers, but that still
leaves room for more discipline [].
Industry group the American Petroleum Institute will release
at 2030 GMT its weekly U.S. stocks data, which analysts forecast
would show a bullish 400,000 barrel decline in crude stocks as
inventories fall further from February's record highs. []
Last week, crude stocks fell by an unexpected 700,000
barrels.
Analysts polled also expected an 800,000 barrel fall in
gasoline inventories and a 200,000 barrel rise in distillates
stocks.
The U.S. Energy Information Administration will release its
weekly data on Wednesday.
(Additional reporting by Maryelle Demongeot in Singapore;
editing by William Hardy)
