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    <div class="story-top"><div  class="story-header-left twoCol"><h1 class="title" itemprop="name" >Hurricane Harvey ratchets up pressure for OPEC to rebalance the market</h1><div id="article_deck" class="content"> 
	
	



																
																	
			
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																		<ul> <li class="">Hurricane Harvey, which was later downgraded to a tropical storm, struck the coast of Texas on Friday causing widespread damage and flooding.</li> <li>In the aftermath of what was the most powerful hurricane to hit a U.S. state in more than 50 years, several refineries in the Houston area were shut down while ports were closed to incoming and outgoing traffic.</li> <li>Amrita Sen, chief oil analyst at Energy Aspects, told CNBC on Tuesday that the U.S. had suffered a "huge" loss in oil output in the wake of tropical storm Harvey.</li> </ul>
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	    									<a itemprop="url" rel="author" href="/sam-meredith/">Sam Meredith</a>													| <span class="twitter-url"><a href="//twitter.com/@smeredith19">@smeredith19</a></span>
																
					
							 
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	<time class="datestamp"  itemprop="datePublished" datetime="2017-08-29T06:07:52-0400">	  
		Published  6:07  AM ET Tue, 29 Aug 2017
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			<time class="datestamp last-pub-date"  itemprop="dateModified" datetime="2017-08-29T11:36:49-0400">
			Updated  11:36  AM ET Tue, 29 Aug 2017
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            Hurricane Harvey ratchets up pressure for OPEC to rebalance the market<span class=" cnbc-font-icon icon-cnbc-video">&nbsp;</span>&nbsp;&nbsp;
			                        <time>11:55  AM ET Tue, 29 Aug 2017 |  01:11</time>	</div>
					
					

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																		<p>Historic flooding in the U.S. state of <a href="/texas/">Texas</a> is likely to make it harder for the Organization of Petroleum Exporting Countries (<a href="/opec/">OPEC</a>) to succeed in its bid to rebalance the market, analysts at <a class="inline_quotes" data-gdsid="10720" data-inline-quote-symbol="BARC-GB" href="//www.cnbc.com/quotes/?symbol=BARC-GB">Barclays</a> said Tuesday in a research note.</p>
															
																													
					
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												    														<p>Hurricane Harvey, which was later downgraded to a tropical storm, struck the coast of Texas on Friday <a href="/2017/08/28/the-stunning-images-from-record-setting-flooding-in-houston-texas.html">causing widespread damage and flooding</a>.</p>
															
																										    														<p>In the aftermath of what was the most powerful hurricane to hit a U.S. state in more than 50 years, <a href="/2017/08/27/hurricane-harvey-refineries-shutting-down.html">several refineries in the Houston area were shut down</a> while ports were closed to incoming and outgoing traffic.</p>
															
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																			    														<p>Shares of <a class="inline_quotes" data-gdsid="36198" data-inline-quote-symbol="VLO" href="//www.cnbc.com/quotes/?symbol=VLO">Valero Energy</a>, <a class="inline_quotes" data-gdsid="138252" data-inline-quote-symbol="PSX" href="//www.cnbc.com/quotes/?symbol=PSX">Phillips 66</a> and <a class="inline_quotes" data-gdsid="133783" data-inline-quote-symbol="MPC" href="//www.cnbc.com/quotes/?symbol=MPC">Marathon Petroleum</a> all closed higher on Monday, on the back of news that several Houston-based refineries had been forced to halt production.<br /><br />"In the coming weeks, we expect Hurricane Harvey's impact to make it harder for OPEC to rebalance the market and maintain bullish sentiment," Barclays' analysts said.</p>
															
																										    														<p>"Disruptions to refineries, production and trade will also make the weekly Energy Information Administration (EIA) data even noisier and less useful as a high frequency indicator at the very time OPEC needs it most," they added.<br /><br />OPEC, Russia and other leading producers are <a href="/2017/05/25/opec-agrees-to-extend-oil-production-cuts-for-nine-months-delegate-tells-reuters.html">slashing output by around 1.8 million barrels per day</a> through to March 2018 in order to clear a supply overhang and support prices. OPEC and non-OPEC ministers are scheduled to meet on September 22 to discuss a possible extension to the cuts.</p>
															
																										    														<p>The refining capacity that has been idled by the storm is estimated to be about 11.2 percent of the U.S. total, according to a Reuters report, while the initial impact appears to be felt in gasoline prices.</p>
															
																										    														<p>Benchmark U.S. gasoline futures were little changed on Tuesday, having surged almost 7 percent on Monday to reach $1.7799 a gallon.</p>
															
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												<h4 class="subtitle">&#039;Huge US output loss has global ramifications&#039;</h4>
										
			
			
			

			
						
			
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            US fuel prices rise as Hurricane Harvey shutters more refineries<span class=" cnbc-font-icon icon-cnbc-video">&nbsp;</span>&nbsp;&nbsp;
			                        <time> 6:01  AM ET Tue, 29 Aug 2017 |  02:46</time>	</div>
					
					

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																		<p>Amrita Sen, chief oil analyst at Energy Aspects, told CNBC on Tuesday that the U.S. had suffered a "huge" loss in oil output in the wake of tropical storm Harvey.</p>
															
																										    														<p>"On our estimates, it is about 36 percent of U.S. Gulf Coast refining. That is well over 3.5 million barrels per day because not only are refineries shut; there are also refineries that are operating at reduced rates," Sen said.</p>
															
																										    														<p>"Unlike in the past, say in 2008 when the last hurricane hit, (the U.S.) is now an exporter of oil products. This has huge ramifications for the global products market and that is why you have seen all products really rise very sharply," she added.</p>
															
																										    														<p>Brent crude, the global oil benchmark, was trading slightly higher at $51.99 in early morning deals on Tuesday.</p>
															
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												<h4 class="subtitle">&#039;Gasoline prices will decline at a slower rate than previous storms&#039;</h4>
										
			
			
			

			
						
			
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																		<p>Rick Joswick, managing director for oil with the PIRA Energy Group, a unit of S&amp;P Global Platts, told CNBC that U.S. Gulf oil product prices would continue to spike for the time-being.</p>
															
																										    														<p>"In previous storms, including Katrina, Rita, Gustav, Ike, and Isaac, gasoline prices peaked within 2 weeks after landfall at a level 20-80 cents/gallon higher than before the storm hit. But prices always declined rapidly and were back to the same level or below pre-storm values within 2-4 weeks," he explained via email.<br /><br />"PIRA's outlook is for gasoline prices to spike by a similar degree for the next week or so. After then, prices will decline, but more slowly than in prior outages due to the increased pull by regional importers which is much higher now than back during the prior storms," Joswick added.</p>
															
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        <div class="social-reporter"><div class="reporter"><a href="/sam-meredith/"><img src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2016/12/09/104157418-SM_bio_2.60x60.JPG?v=1486391323" alt="" title="" width="60" height="60"/></a><div class="reporter-info"><span class="name"><a href="/sam-meredith/">Sam Meredith</a></span><span class="title">Digital Reporter, CNBC.com</span></div><div class="article-social-small"><a href="//twitter.com/@smeredith19"><span class="social-twitter"></span></a></div></div></div>
  
   

  
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	chartbeat_service : '102527204',
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	chartbeat_refresh_interval : '300',
	webQuotePageRefreshInterval: '600',
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            /* JSInits */

            
                    
    

            

						

            			     		

                          
            
                window.cnbc = window.cnbc || {};
window.cnbc.pageModules = (window.cnbc.pageModules || []).concat([
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	moduleId : 'xfinityExperienceSurf',
	initOn : 'load'
}
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	  'moduleId' : 'socialBar',
	  'initOn' : 'load',
	  'initData' : {
	  	templateName : 'story_simple',
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			socialBarTitle : 'Hurricane Harvey ratchets up pressure for OPEC to rebalance the market',
			containerID: 'social-tools-panel',
			pos : 'bottom',
		}
	}
    ,	    {
	moduleId : 'scrollPanel',
	initOn : 'load',
	initData : {
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		,respectiveContainer: true
		,hideIndex: true
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}
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	  'initOn' : 'load',
	  'initData' : {
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			socialBarTitle : 'Hurricane Harvey ratchets up pressure for OPEC to rebalance the market',
			containerID: 'social_bar_top',
			pos : 'top',
		}
	}
    ,	    {
	moduleId : 'tableSorter',
	initOn : 'view',
	moduleDomSelector : 'table.csvData, article table.quoteTable'
}
    ,	    {
		moduleId : 'Polls',
		initOn : 'load'
	}
    ,	    {
	moduleId : 'TaboolaRecirculationModule',
	
		initOn : 'load',
	
	initData : {
		
			taboola_url : '//cdn.taboola.com/libtrc/cnbc/loader.js'
		
		,taboolaParam: ''
	}
}
    ,	    {
	moduleId : 'TwitterPlatform',
	
		initOn : 'view',
		moduleDomSelector : '.twitter-timeline, .twitter-tweet'
	
}
    ,	    {
		moduleId : 'chartbeatMostPopular',
		initOn : 'view',
		moduleDomSelector : '#chartbeatWidget_102535788',
		initData : {
			refreshInterval : 300,
			chartbeatUrl : '//www.cnbc.com/id/102535788/services/mostpopular',
			containerId: 'chartbeatWidget_102535788'	,
			templateName: 'story_simple'		
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	}
    ,	    {
      moduleId : 'englargedImage',
      initOn : 'load',
      initData : {
      }
    }
    ,	    {
		moduleId: 'desktopVideoPlayer',
		
				initOn: 'load',
		
		moduleDomSelector: 'div.cnbcvideo.featuredPromo',
		initData: {
			playerId: 'player'
			,baseFeed: '//feed.theplatform.com/f/gZWlPC/CNBC_prod_global'
			,defaultVideoId: ''
			,relativeVideos: false
			,premiumUser : ''
			,premiumContent : ''
			,proTabData: '0'
			,premiumFeedUrl: '//www.cnbc.com/id/46/services/premium/video/data?token='
			,errorMsgContainerHTML: '<div class="player-error-placeholder"><div class="error-msg"><p>YOUR BROWSER IS NOT SUPPORTED.</p><p><a href="//www.cnbc.com/id/101957793" target="_blank">Please upgrade to watch video.</a></p></div></div>'
			,videoErrorMsgContainerHTML: '<div class="player-error-placeholder"><div class="error-msg"><p>The requested video is unable to play.</p><p>The video does not exist in the system.</p></div></div>'
			,marketingPageURL: 'https://www.cnbc.com/application/pro'
			,adblockErrorMsgContainerHTML: '<div class="player-error-placeholder"><div class="error-msg"><p>We’re not able to play this video if an ad blocker is enabled.</p><p>Please disable your ad blocker on CNBC and reload the page to start the video.</p></div></div>'
			,product: 'inlineDesktop'
			,mutedAutoplay: false
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	}
    ,	    {
			moduleId : 'tinypassConfig',
			initOn : 'load',
			initData : {
				    "config": {       "aid": "o19WonOrHQ",       "rid": "PRO",       "endpoint": "https://buy.tinypass.com/api/v3",       "trackPages": true,       "debug" : false,       "signUpPage": "/pro-login-page"    },
       			"product": "web",
       			"templateName": "story_simple",
       			"containerSelector": "articlePayload",
       			"contentSection": "Oil and Gas",
       			"contentAuthor": "Sam Meredith",
       			"contentCreated": "2017-08-29T06:07:52-0400"
				}
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    ,	    {
	moduleId : 'signin',
	initOn : 'load',
	initData : {
		source : 'default',
		flow : 'header'
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}
    ,	    {
            		moduleId : 'pageVideoMetaData',
            		initOn : 'load'
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    ,	    {
        
            moduleId : 'internationalization',
        
        
            initOn : 'load',
           
        initData : {
            config    : {"USA":{"edition":"USA","nid":"100746233","link":"/","name":"U.S. Edition", "msgName":"U.S.","mobileMsgName":"U.S.","mobileAlternate":"WORLD", "menuName":"U.S."},"WORLD":{"edition":"WORLD","nid":"100746255","link":"/id/100746255","name":"INTL Edition","msgName":"new international","mobileMsgName":"International","mobileAlternate":"USA", "menuName":"INTL"}}
            
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    ,	    {
	  moduleId : 'symbolLookup',
	  initOn : 'focus mouseover',
	  moduleDomSelector : '.symbol-search input'
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		moduleId : 'navigation',
		initOn : 'load'
	}
    ,	    {
	moduleId : 'footerdefault',
	initOn : 'view',
	moduleDomSelector : '#cnbc-footer-responsive'
}
    ,	    {
			moduleId : 'quoteStreaming',
			initOn : 'load',
			initData : {
				showInlineQuotes : false,
				showTableChart : true,
				showFutureChart : false,
				showTickerChart : false,
				showTickerNG : false,
				showTableChartNG : false,
				chartApiUrl : '//api-chart.cnbc.com/api/chart/chart.asp',
				quoteService : '//quote.cnbc.com/quote-html-webservice/quote.htm',
				quoteServiceParams : 'requestMethod=quick&exthrs=1&noform=1&fund=1&output=jsonp&symbols=',
				partnerId : 2,
				quoteUrl : '//quote.cnbc.com/quote-html-webservice/quote.htm' + '?partnerId=' + 2 + '&' + 'requestMethod=quick&exthrs=1&noform=1&fund=1&output=jsonp&symbols=',
				futureQuoteUrl : '//quote.cnbc.com/quote-html-webservice/fvquote.htm',
				futureQuoteParams : 'requestMethod=quick&noform=1&realtime=0&client=fairValue&output=jsonp&symbols=',
				futureUrl :  '//quote.cnbc.com/quote-html-webservice/fvquote.htm' + '?' + 'requestMethod=quick&noform=1&realtime=0&client=fairValue&output=jsonp&symbols=',
				settings : {
					streaming : true,
					streamingInterval : 10000
				}
			}
		}
    ,	    {
	moduleId : 'tabletFriendlyTouch',
	initOn : 'load'
}
    ,	    {
	  'moduleId' : 'lazyLoadFunctions',
      'initOn' : 'load'
	}
    ,	    {
                	moduleId : 'alerts',
                	initOn : 'load',
                	initData : {
                		alertInterval : 30,
						playerurl : '/watch-live-universal?forceStreamAkamai=true&premium=1&popout=true&autoplay=true&',
                        isMobile : false
					}
                }
    ,	    {
				moduleId : 'proAccountNotification',
				initOn : 'load'
			}
    ,	    {
    	moduleId : 'persistentSiteHeader',
    	initOn : 'load',
    	initData : {
    		product : 'web',
    		products : {
    			web : 'web',
    			mobile : 'mobile-touch'
    		}
    	}
    }
    ,	    {
	moduleId : 'lazyloadFragment',
	initOn : 'load'	
}
    ,	    {
	moduleId : 'lazyImageLoader',
	initOn : 'load'
}
    	]);
            

            </script>
        
		  <script id="javascript-lazy-loader" data-loader-url="https://js.cnbcfm.com/minify/js" type="text/javascript" src="https://js.cnbcfm.com/minify/js?modules=core&vn=520"></script>
		

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                <!-- End of Scripts from the skin -->

        <!-- Global insert_cmsfooter -->
        <!-- MPS Global Footer Insert BEGIN -->
<!-- Start BounceX Tag -->
        <script>
        (function(d) {
            var e = d.createElement('script');
            e.src = d.location.protocol + '//bounceexchange.com/tag/1021/i.js';
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<script type="text/javascript">
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<noscript>
<div style="display:none;">
<img src="//pixel.quantserve.com/pixel/p-9eJ8k4iSzux46.gif" border="0" height="1" width="1" alt="Quantcast"/>
</div>
</noscript>
<!-- End Quantcast tag -->
<!-- START Parse.ly Include: DOM-Free -->
<script>
(function(d) {
  var site = CNBC_Settings.baseurls.cnbc_base_host||"cnbc.com", // replace with the domain of your site (e.g. parsely.com)
      b = d.body,
      e = d.createElement("div");
  e.innerHTML = '<span id="parsely-cfg" data-parsely-site="'+site+'"></span>';
  e.id = "parsely-root";
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})("script", "parsely", document);
</script>
<script src="https://fm.cnbc.com/applications/cnbc.com/resources/files/2017/12/07/parsely_data_4.js"></script>
<!-- END Parse.ly Include: DOM-Free -->

<!-- AB Admiral BEGIN -->
<script id="ab-admiral">(function(a,b,c,d,e){e=a.createElement(b);a=a.getElementsByTagName(b)[0];e.async=1;e.src=c;a.parentNode.insertBefore(e,a)})(document,'script','//nervoussummer.com/40cad7fabed6c884e79a4e286d192a42212f95b4a2dcfe41771324064f6510a6d465b805e1308a6de2f29b32fce73dffe3ba2710980cb2e99b39d282fc0917');</script>
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<!-- MPS Global Footer Insert END -->
        <!-- MPS ASYNC Application Component - Desktop Insert FOOTER BEGIN -->
<script type="text/javascript">
$(document).ready(function(){
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    mps._log('**** LOADED: cnbc-cms-footer-insert');
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      if (mps.pagevars.type == 'franchise' && mps.pagevars.hline != "US Homepage" && mps.pagevars.hline != "International Homepage") {
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              window.console && console.log('--[executed]--> MPS Set Ad Refresh (120s)');
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      //<!-- Global Web Index: BEGIN -->
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          js.src = '//gwiqcdn.globalwebindex.net/gwiq/gwiq.js';
          js.type = 'text/javascript';
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  });
});
</script>
<!-- Global Web Index: END -->
<!-- Sharethrough Load: BEGIN -->
<script type="text/javascript" async defer src="//native.sharethrough.com/assets/sfp.js"></script>
<!-- Sharethrough Load: END -->
<!-- MPS ASYNC Application Component - Desktop Insert FOOTER END -->
        <!-- End Global insert_cmsfooter -->

        <!-- Wires Redirect Popup -->
        

        <!-- End Wires Redirect Popup -->
        

    </body>
</html>
