Saudi Arabia Pushes OPEC on New Tack to Curb Oil Supplies

Oil Rises As U.S. Refineries Restart Irma Wanes

The EIA also said that while refinery output declined by 3.1 million barrels per day (MMbbl/d) to an average of 14.8 MMbbl/d during the week of September 1, that reduction would be balanced by a decline in petroleum product net exports.

"Over the next two to three weeks, the EIA inventory numbers will be rather sloppy because you have production disrupted, refineries going offline and online", he said. Technically, MCX Crude oil price traded positively for a major part of the last week testing a 1-month high near Rs 3,175. As I have written before, the IEA is notorious for underestimating demand and had to once again raise their forecast. Saudi Arabia has been curbing exports for the past few months to drain global and U.S. crude oil inventories to support crude oil (UWT) (DWT) prices.

October West Texas Intermediate crude CLV7, +1.20% tacked on 59 cents, or 1.2%, to settle at $48.07 a barrel on the New York Mercantile Exchange after tapping a low at $47. The U.S. and the Euro-zone should rise in growth by 2 percent next year.

Opec and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait's oil minster said.

Much of that was due to a near 10 million-barrel increase in stocks in the U.S. Gulf region and as crude production rebounded from a brief Harvey interruption.

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The supply of oil has been hit by unplanned outages combined with scheduled maintenance in Libya - a member of Organisation of Petroleum Exporting Countries, or OPEC.

Opec and other producers including Russia, Mexico and Kazakhstan pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was weighing on prices.

In its report, the IEA also stated that OPEC crude oil production would need to be 32.7 mb/d for the remainder of 2017 - in line with current production levels.

However, in its monthly report released, yesterday, OPEC stated that the world economic growth had been revised up for 2017 to 3.5 per cent from 3.4 per cent, while the growth forecast for 2018 remains unchanged at 3.4per cent. Total U.S. stocks stood at 468.2 million barrels.

Oil prices hung onto earlier gains as government data showed USA crude stocks rose sharply last week.

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