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.

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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.

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It also concluded that the automation contributed because it permitted Brown's "prolonged disengagement from the driving task". Sumwalt read from portions of the company's manual that offered contradictory instructions on how to use automation.

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.

Irma brings devastation to Florida; Georgia and Alabama get ready
Dennis Ashley, director of trauma services for Medical Center, Navicent Health. "Florida will get through this", he said. One of the teams was preparing to fly into Key West , directly in the path of the storm .

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