Oil supply losses from Hurricane Ida reach 30 million barrels, impacting gas prices

Hurricane Ida has already caused oil supply losses of 30 million barrels, the International Energy Agency (IEA) reports, resulting in the first decline in global oil supply in five months.Hurricane Ida shut in 1.7 million barrels per day of oil production in the Gulf at the end of August, “with potential supply losses from the storm approaching 30 mb. An uptrend in supply should resume in October as OPEC+ continues to unwind cuts, outages are resolved and as other producers increase,” the agency stated in its September Oil Market report.
“Unexpected outages during August forced a decline in supply for the first time in five months and extended the sharp drawdown in global oil stocks,” it added.
Offshore installations and refineries have been slow to restart due …

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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