Saudi Arabia open to another OPEC cuts extension

Opec and other producers including Russia pledged to reduce oil output by about 1.8 million barrels a day through March

Opec and other producers including Russia pledged to reduce oil output by about 1.8 million barrels a day through March

That's because Texas is home to twice the oil consumption per capita of Florida.

The market "will be paying greater attention than usual" to the inventory numbers, which will give "the clearest picture to date of the fundamental impact to the oil market from Hurricane Harvey", said Robbie Fraser, commodity analyst at Schneider Electric, in a note. Pipelines from Cushing run to key refineries in the U.S. Gulf Coast of Mexico and the hub is an important indicator of crude demand. Prices rose 59 cents to $48.07 on Monday. But market sources in North Asia say North Korea now takes about 6 million barrels/year of Chinese crude.

The numbers, however, might not be indicative of the longer term supply demand picture, said Mark Watkins, regional investment manager at U.S. Bank.

"Another bearish element is the potential for some refiners to go straight into autumn maintenance rather than restart for a brief period before shutting again to perform planned repairs", he said in a report emailed to UPI.

Hurricane Jose: Track takes weakening storm on an Atlantic loop
At its peak the storm prompted evacuation orders for 6.5 million people in Florida, the largest evacuation in modern US history. Any potential direct hit from Jose wouldn't be until next week, however.

Irma, the second major storm in the US region in a fortnight, made landfall in Florida on Sunday as a Category 4 hurricane, knocking out power to almost 5.8 million homes and businesses in the state.

Oil prices dropped on Monday on concerns that Hurricane Irma's pounding of heavily populated areas of Florida could dent oil demand in the world's top oil-consuming nation.

Global benchmark Brent crude futures, the benchmark for oil prices outside the US, fell 0.30% to $53.62 a barrel.

OPEC said inventories were falling and that an increase in the price of Brent crude for immediate delivery to a premium over that for later supplies, known as backwardation, raised hopes that a long-awaited market rebalancing was under way.

The Fury Of Hurricanes, Storms And Flood
Pruitt has denied scientific evidence claiming man-made carbon dioxide emissions are a contributing source to global warming. With the damage reports rising, a number of media outlets have called out Donald Trump's position on climate change .

OPEC produced 30.004 million barrels daily last month, the source said, versus 30.113 million bpd in July, with Saudi Arabia, the group's leader and biggest producer, reducing output to 10.022 million bpd, from 10.049 million bpd in July. The producers are seeking to strengthen compliance with the cuts accord they reached previous year.

Saudi Energy Minister Khalid al-Falih agreed with his Kazakh counterpart on oil supply cuts.

Saudi Arabia and Venezuela, both members of OPEC, agreed to consider prolonging production cuts "beyond the first quarter of 2018, if needed", the Saudi ministry said in one of the statements.

-Christopher Alessi contributed to this article.

Enormous blob of fat blocking London sewer
They caution against expecting quick results as the fatberg is 250 yards long and weighs as much as 11 double-decker busses. Inspections by CCTV showed that the sewer, which is 47 inches high and 27.6 inches wide is blocked by the fatberg.

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