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UAE, Saudi oil ministers discuss oil market developments

UAE, Saudi oil ministers discuss oil market developments

In the wake of the hurricanes Harvey and Irma, oil demand is expected to drop by some 900,000 bpd this month, Goldman Sachs said on Monday.

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.

U.S. West Texas Intermediate (WTI) crude was 17 cents higher at $48.24 a barrel.

Brent, the global benchmark, rose 45 cents, or 0.84%, to $54.29 a barrel.

The 14-country producer group said its oil output in August fell by 79,000 barrels per day (bpd) from July to 32.76 million bpd, below a demand forecast.

Expectations for a hefty weekly rise in US crude-oil supplies limited the price rise for oil, however.

Official data from the Energy Information Administration will be released Wednesday.

In its monthly report, the Organization of the Petroleum Exporting Countries also raised its demand forecast for 2018, and said two hurricanes that hit the United States in recent weeks would have "negligible" impacts on demand.




While Irma, which made landfall in the Keys late Sunday as a Category 4 storm, will hurt oil demand, Harvey's damage is far greater, the bank's analysts including Damien Courvalin said in a note Monday.

"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.

North Korea is not at the center of the oil market - the country produces nearly no crude oil, has two barely functioning refineries and is believed to import a tiny volume of around 15,000 b/d of crude oil and some refined products from China.

Harvey struck the US oil hub of Texas two weeks ago, knocking out a quarter of the nation's refineries.

Last week, Goldman Sachs said that reconstruction in Hurricane Harvey's aftermath was expected to be ultimately positive for USA oil demand in a few months, as fuel consumption is expected to increase when people start rebuilding homes.

Ministers are discussing extending the pact by at least three months.

The world demand for oil in 2018, as expected by OPEC, will be 1.35 million barrels per day higher than in the current year, and amount to 98.12 million barrels.

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