US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

Gold Daily

"It is clear that the rebalancing process is underway, supported by the high conformity levels of OPEC member countries and participating non-OPEC countries to the production adjustments" in the cooperation agreement, OPEC secretary general Sanusi Barkindo said in a speech in Oxford on Monday. So far, this year, production has increased by 734,000 barrels per day.

Commenting on the impact on oil production of hurricane Harvey, OPEC said "the USA energy industry appears to be rebounding quickly". "Harvey's negative impact on demand will remain larger, however, given the large concentration of energy-intensive petrochemical activity in its path", the bank's analyst said in a note. A quarter of US refining capacity to be taken off-line due to the hurricane, sapping demand. While some oil processing has recovered, 6 percent of USA capacity still remains shut. The refineries restarted but still capacity is down by more than 2 million barrels.

Irma crashed into Florida on Sunday, leaving more than 7.4 million homes and businesses without power, but has since been downgraded to a tropical storm.

The talks helped counter a drop in prices as two hurricanes tore through the southern U.S., leading to reduced demand in the world's biggest economy.

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Delta flight heads through outer bands of Hurricane Irma in Puerto Rico
Many people were stranded on the island as airline companies made a decision to cancel their flights after warnings were issued. Barthélemy, Eric Rayapin, described a "spectacle of desolation", with the island all but severed from the outside world.

Brent crude oil futures for November delivery LCOc1 were down 66 cents at $53.12 a barrel while benchmark U.S. West Texas Intermediate crude CLc1 declined by 33 cents to $47.15.

Harvey is still likely to be a bigger driver for the crude market, analysts at Goldman Sachs said.

Under the terms of the original deal to reduce production, reached in November 2016, the Organisation for the Petroleum Exporting Countries and other large producers like Russian Federation agreed to take roughly 1.8m barrels a day of supplies off the market, in order to curb an already burgeoning surplus. The producers are seeking to strengthen compliance with the cuts accord they reached past year.

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.

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