Saudi Arabia Seems Open to Expanding Products' Cut

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

Hurricane Irma is expected by Goldman Sachs to have a negative impact on oil demand, but the firm said it sees a larger hit to oil demand from hurricane Harvey, "given the large concentration of energy-intensive petrochemical activity in its path". Irma made a landfall in Florida on Sunday and is barreling through the state to the northwest. It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later on Monday.

West Texas Intermediate crude for October delivery rose 59 cents to settle Monday at $48.07 barrel on the New York Mercantile Exchange.

Production by the 14 members of the Organization of the Petroleum Exporting Countries came to 32.755 millions of barrels per day (bpd) last month after 32.834 in July, it said in a report, citing secondary sources.

US crude stockpiles likely rose by 4.82 million barrels last week, according to a Bloomberg survey ahead of Energy Information Administration data released Wednesday.

Oil prices still gain some degree of support from expectations of firm global demand and the potential for OPEC output cuts to be extended.




"The market is assessing what is happening after the two hurricanes and there is concern that demand is down in Florida", said Miswin Mahesh, an oil market analyst at Energy Aspects.

"The oil market reacted to the Saudi talks", said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting told Reuters.

According to an S&P Global Platts preview, EIA data could show a build of 10.1 million barrels for crude oil, but a drain on gasoline stocks of 4 million barrels. It is also costing them market share to rivals, including partner Russian Federation and the U.S.

"This is due to the shooting up of demand for prompt-loading barrels and amid increasing sentiment that the oil market will rebalance over the next year with a major drawdown in crude and product stocks", OPEC said in the report. A quarter of USA refining capacity to be taken off-line due to the hurricane, sapping demand.

Saudi Arabia, Opec's de facto leader and the world's largest exporter, said Sunday that the country's energy minister Khalid al-Falih met with his Venezuelan and Kazakh counterparts to discuss an extension of Opec's supply-cut agreement.

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