Mubasher: The majority of oil supplies in the Gulf of Mexico stopped by the end of last week due to the Hurricane Nate.
“Offshore oil and gas operators in the Gulf of Mexico remain evacuated from platforms and rigs in response to Tropical Storm Nate,” the American Bureau of Safety and Environmental Enforcement (BSEE) said in a statement on Sunday, noting that Hurricane Response Team is monitoring the operators’ activities.
The data of the BSSE, based on operator reports, estimates that approximately 92.61% of the current oil production in the Gulf of Mexico, around 1.6 million oil barrels per day, and 77.74% of the natural gas production, or 2,503 million cubic feet per day in the Gulf of Mexico were shut down.
The storm evolved into a hurricane on Friday night.
Oil prices went up on Monday, due to the decrease in supply resulting from the hurricane, as well as the decline in the number of US oil rigs, amidst expectations of an awaited market rebalance.
