Business & Economy

Hurricane “Ida” significantly affects oil production

The International Energy Agency expected that the impact of Hurricane Ida, which hit the Gulf of Mexico, on oil production will be the worst since Hurricane Katrina and could cause losses of about 30 million barrels.
“Prolonged production shutdown could lead to total oil production losses of up to 30 million barrels,” the agency said, considering Hurricane Ida the worst storm to hit the Gulf Coast since Hurricanes Katrina and Rita in 2005.
Hurricane “Ida” caused the suspension of production of 1.7 million barrels per day from the Gulf of Mexico, and 48.6% of oil production and 54.4% of gas production in the Gulf of Mexico are still suspended.
How quickly production can be restored depends on how quickly repairs are made to offshore structures that have sustained minimal damage.

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