Harvey may succeed where OPEC has struggled by boosting oil prices: Russell

28 Aug 2017   OPEC

Hurricane Harvey may achieve in global crude oil markets in a few days what OPEC and its allies have struggled to achieve in months – a tightening of supplies and a rise in prices. Harvey, which has been downgraded to a tropical storm, hit the coast of Texas on Friday as the most powerful hurricane to hit the U.S. state in more than 50 years, causing widespread damage and flooding. The region where the storm struck is home to some 2.2 million barrels per day (bpd) of refining capacity as well as being a major shipment point for both imports and exports of crude oil and fuel products. The refining capacity that has been idled because […]

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