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Saudi Arabia, UAE, Venezuela open to extending oil production cuts

Saudi Arabia, UAE, Venezuela open to extending oil production cuts

Oil held gains near $48 a barrel as Hurricane Irma weakened further after moving inland and as Gulf Coast refining continued to recover following two strikes from Harvey.

Irma knocked out power to almost 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm.

Oversupply has kept a lid on oil prices which have hovered in a tight range of US$50-52 per barrel for Brent crude and US$47-49 per barrel for West Texas Intermediate crude.

London Brent crude for November delivery was up 30 cents, or 0.6 percent, at $54.08, having settled down 1.3 percent.

Oil production by OPEC fell 0.24%, or 79,000 barrels per day, in August to 32.7 million barrels produced per day.

Geoffrey Craig, the oil futures editor for Platts, said markets will be tested by what could be a steady buildup in US crude oil inventories.

The Saudi energy minister and his Venezuelan counterpart said both their countries are exceeding full compliance with their targeted production cuts and that they shared "an optimistic outlook" on global supply and demand for crude in 2018.

"We believe that Irma will have a negative impact on oil demand but not on oil production or processing", Goldman Sachs (NYSE:GS) analysts said in a note.

Del Pino on Friday said global oil inventories remain too high and urged producers to look at exemptions granted to countries such as Libya and Nigeria and the effect of those exemptions on the market. The American Petroleum Institute releases its own weekly inventory report late Tuesday.

According to an S&P Global Platts preview, EIA data could show a build of 10.1 million barrels for crude oil, but a drain on gasoline stocks of 4 million barrels. Even if stocks fall by half a million barrels per day (b/d), they will still be about 60 million barrels above the five-year average by March 2018, according to the Paris-based agency.

OPEC and its partners made a decision to extend its production cuts till March 2018 in Vienna on May 25, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

Meanwhile, U.S. President Donald Trump said North Korea would regret escalating recent nuclear tensions, but added that a military option wasn't inevitable.


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