OPEC oil price rises as US production drops sharply as hurricanes bite

by **Ponee** Sat Sep 09, 2017 12:10 pm

The price of OPEC basket of fourteen crudes stood at 52.48 US dollars a barrel on Thursday, compared with 52.04 US dollars a barrel on Wednesday, according to OPEC Secretariat calculations.

Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while US crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand, according to Reuters.

Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico.

Brent crude futures LCOc1 were up 8 cents at 54.57 US dollars a barrel at 0735 GMT, with the benchmark for international oil prices earlier marking its highest since April at 54.79 US dollars a barrel.

Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy said.

Harvey’s impact was also felt in oil production. US oil output fell by almost 8 percent, from 9.5 million barrels per day (bpd) to 8.8 million bpd, according to the Energy Information Administration (EIA). C-OUT-T-EIA

Port and refinery closures along the Gulf coast and harsh sea conditions in the Caribbean have also impacted shipping.

“Imports (of oil) to the US Gulf Coast fell to levels not seen since the 1990s,” ANZ bank said.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

http://www.thebaghdadpost.com/en/story/16665/OPEC-oil-price-rises-as-US-production-drops-sharply-as-hurricanes-bite

by **Ponee** Sat Sep 09, 2017 12:12 pm

Oil prices are expected to fluctuate between $ 45-55 next year

OPEC oil price rises as US production drops sharply as hurricanes bite Story_img_59af8f8d0b528

said Russian Energy Minister Alexander Novak, said on Wednesday that oil prices next year may range from $ 45-55 per barrel.

"Brent, we have our expectations and we have different estimates ... 45-55" per barrel, Novak told reporters on Wednesday.

OPEC and non-OPEC countries reached an agreement on November 30 to reduce their oil production by 1.8 million barrels a day from 2017 to 32.5 million bpd. Outside the Organization, with a total reduction of its production of oil 558 thousand barrels per day, of which 300 thousand barrels by Russia.

The agreement was signed until the first half of this year with the possibility of extension. On May 25, the agreement was extended for an additional nine months until the end of March 2018.

The IAEA also raised its forecast slightly on the growth of non-OPEC oil supply in 2017 and 2018 Increasing by 0.7 million barrels per day and 1.4 million barrels per day, respectively.

The agency noted that the decline in oil prices since the beginning of the year pushed the major oil producers in the United States to reduce spending plans in 2017.

http://www.alliraqnews.com/modules/news/article.php?storyid=65689

OPEC oil price rises as US production drops sharply as hurricanes bite

OPEC oil price rises as US production drops sharply as hurricanes bite

Re: OPEC oil price rises as US production drops sharply as hurricanes bite

Oil prices are expected to fluctuate between $ 45-55 next year