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Hurricane Nate passes through with minimal impact on energy prices

by ChemOrbis Editorial Team -
  • 10/10/2017 (15:28)
Oil production slowed considerably as Hurricane Nate, which ran through Gulf of Mexico before making a landfall on Mississippi on Friday, forced oil producers to shut down about 300 of the 737 offshore platforms in the Gulf of Mexico.

According to a statement from US Bureau of Safety and Environmental Enforcement, more than 90% of crude oil production was taken offline in the Gulf of Mexico to avoid damage.

Chevron and Shell were reportedly evaluating the damage on their pipeline subsidiaries and oil platforms in the Gulf of Mexico. The offshore plants survived the storm undamaged, according to media sources.

According to analysts, the crude oil market is expected to see a decrease in US crude supplies and boost margins. It is estimated that around 8 million barrels of oil production was lost during the shutdowns.

However, the impact of the storm on oil production and refining is expected to be minimal since the producers have reportedly started to resume operations.
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