Oil Rallies As Twin Storms Force Shut-Ins In Gulf Of Mexico

Oil and gas companies active in the Gulf of Mexico have shut in almost 58 percent of oil production on Monday as two tropical storms threaten operations.

Oil and gas companies active in the Gulf of Mexico have shut in almost 58 percent of oil production and 44.6 percent of gas production as a hurricane and a tropical storm are approaching the area. The shut-in oil output stands at over 1.065 million bpd and the shut-in gas production is about 1.205 billion cu ft daily.

The staff on 114 production platforms had been evacuated as of Sunday. These platforms represent 1.773 percent of all Gulf of Mexico platforms, the Bureau of Safety and Environmental Enforcement said. Workers were also evacuated from five of the ten drilling rigs in the Gulf, the BSEE also said in an update. BP, Chevron, Shell, and Equinor were among the companies evacuating platform staff.

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Source: Oil Price