As oil prices weather storm, OPEC looks for long-term boost from Harvey

1 Sep 2017   OPEC, Prices

For veteran OPEC officials, Hurricane Harvey’s impact on global oil markets is one of the strangest things they have seen. The storm has led to some of the biggest disruptions to U.S. energy infrastructure; yet it has failed to boost crude prices. In contrast with previous major hurricanes such as Katrina in 2005, Harvey has actually seen oil prices edge down as traders have focused more on the hit to demand from damaged U.S. refineries than the blow to supply from knocked-out production. That is deeply frustrating for OPEC countries currently restricting oil supplies in an attempt to push prices higher. “It seems no event will move the oil price up much,” said one OPEC delegate, surprised by the lack of […]

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