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Iran's August oil output at 3.828m bpd: OPEC

14 September, 2017, 00:40 | Author: Priscilla Morrison
  • US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

We believe that Irma will have a negative impact on oil demand but not on oil production or processing.

Opec is in the midst of a deal with non-Opec producers including Russian Federation to cut production by 1.8m barrels per day until March 2018.

U.S. West Texas Intermediate (WTI) was up 16 cents or 0.3 percent to $48.23 a barrel.

Hurricane Irma, which has been moving inland over the southeastern parts of the USA, has affected at least nine states so far, among them Florida, Georgia, Alabama and SC, causing storm surges and flooding and cutting off power supplies. By Monday morning, it had weakened to a tropical storm, heading towards Georgia.

The EIA said Brent and WTI future prices rose to $5/b at the end of August, "which reflects lower refinery demand in the US crude oil market".

The largest refinery in the U.S.in Port Arthur Texas is now running at reduced rates, sources told Reuters on Tuesday.

Two months ago after a ministerial committee meeting monitoring compliance with the deal, made up of officials from OPEC and those outside the cartel such as Russian Federation said that Nigeria has voluntarily agreed to join the OPEC imitative of production curb and will put a cap on country's production at 1.8 million barrels per day.




Oil inventories are expected to have increased because of the slowdown in demand caused by disruptions to refineries from August's Hurricane Harvey.

Oil prices rose on Wednesday after the International Energy Agency (IEA) said earlier today that oil demand growth continues to be solid and that global oil inventories are shrinking.

However, crude stockpiles in the USA have ballooned recently as Harvey crippled refinery production in the Texas and Louisiana region.

It comes as global oil supplies fell in August due to both multilateral measures aimed at stemming excess stock and unplanned outages.

The kingdom and Kazakhstan said such an extension "would be considered in due course as market fundamentals may dictate", according to a separate Saudi statement. Pipelines from Cushing run to key refineries in the U.S. Gulf Coast of Mexico and the hub is an important indicator of crude demand.

Among persistent glut worries, Saudi Arabian Energy Minister Khalid al-Falih had discussions with his Venezuelan and Kazakh counterparts about the chances of extending supply cuts through March 2018. In 2018, non-Opec oil supply is forecast to grow by 1.0 mpbd, following a downward revision to Russian Federation and Kazakhstan, totalling 0.1 mpbd. One option that OPEC and its allies are considering is a six-month extension to supply curbs from the end of March, according to a person familiar with the matter.

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