TIG - The Investment Gents
OIL Price – WHY it MAY SUSTAIN at high level at 3rd Quarter?
-TIG- The Investment Gents
Publish date: Thu, 02 Jun 2022, 12:04 PM
Hurricanes hit Gulf of Mexico every year and surely to cause certain level of disruption to the oil production in the history depend on the strength of the hurricane.
The Gulf of Mexico region, both onshore and offshore, is one of the most important regions for energy resources and infrastructure.
Gulf of Mexico accounts for 15% of total U.S. crude oil production
& More than 47% of total U.S. refining capacity is located here.
These include Hurricane Ida in 2021, which wreaked havoc on U.S. offshore energy production, making it one of the costliest hurricanes since months of storm cutbacks in 2005. Nine days after Ida hit the Gulf of Mexico, more than a million people are left without power to the Gulf
It also caused oil production to fall 12.6% from the previous year to 1.28 million bpd. Total U.S. oil production fell 4.7%. Also, this will lead to a shortage of oil in the world and eventually prices will rise.
The current conflict between Russia and Ukraine has caused the world's oil to be in a state of instability. What will happen if the hurricane happens again?
If yes, when will it happen and how much will it affect oil production and pricing?
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