Opec sees oil consumption growing in '17

A worker checks the valves at Al Sheiba oil refinery in the southern Iraq city of Basra File

"OECD [Organisation for Economic Co-operation and Development] demand growth continues to be stronger than expected, particularly in Europe and the U.S.", the IEA said, adding that hurricanes Harvey and Irma are projected to slow USA oil demand growth in the third quarter. In August, Opec crude oil production decreased by 79 tbpd to average 32.76 mpbd, " the report stated. "The focus now shifts to the post-Harvey scenario", he said. October crude rose 54 cents, or 1.1%, to $48.78 a barrel on the New York Mercantile Exchange.

By 1201 GMT, global benchmark Brent crude was up 47 cents, or 0.8 percent, at $54.74 a barrel.

USA crude exports fell to 6.5 million barrels per day in the week to September 8, the lowest rate since 2014, according to EIA, which released data on Wednesday. As of 2:00 p.m. EDT Tuesday, the U.S. Energy Department said four refineries in the Gulf Coast were still closed because of issues associated with Harvey, representing about 4 percent of the total U.S. refining capacity.




Unprecedented flooding from the Category 4 storm that slammed into the state's coast last week, sending gasoline prices surging as oil refineries shut, may also set a record for rainfall in the contiguous US, the weather service said Tuesday. Based on the current global oil supply/demand balance, it said, Opec crude in 2017 is estimated at 32.7 mpbd, around 0.5 mpbd higher than in 2016.

In contrast, gasoline inventories fell by 8.4m barrels last week, which was far more than the -2.0m barrel decline projected by analysts, although they remained in the upper limit of their average range for that time of year, according to the DoE.

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