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On Monday, the US coastline is expected to be hit by a hurricane for the second time in a month. Equinor is one of several oil companies that have shut down production in the Gulf of Mexico.
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Oil prices are still below $ 40 a barrel, but they will rise Monday morning. At the time of writing, a barrel of North Sea oil costs $ 39.94.
At the same time, several oil and gas companies over the weekend began shutting down offshore production off the coast of Florida, where Tropical Storm “Sally” is underway. It has been announced that it will be a hurricane on Monday.
Equinor is one of the companies that has taken action and closed the Titan platform in the Gulf of Mexico.
This was stated by the company to Reuters on Sunday.
All employees evacuated
“We managed to safely stop production and evacuate all employees on Saturday night,” spokesman Hasting Stewart told the news agency.
Offshore production in the Gulf of Mexico accounts for 17 percent of US crude oil production and 5 percent of gas production, Reuters writes.
If Storm “Sally” increases to the strength of a hurricane, this will be the second time in a month that the United States coast has been hit by a hurricane. When “Laura” arrived in the United States last month, it reached a production of up to 1.5 million barrels per day.
Libya resumes oil exports
The expected hurricane compensates, among other things, for the upcoming resumption of Libya’s oil exports and a vague collection of demand, writes TDN Direkt.
“Libyan oil will reach an already saturated international market and it is not the news that OPEC wants, and it probably explains why burning weakens it more than WTI,” he says.
Oil production in the country has been shut down for many months as a result of the civil war in the country.
Since January, forces loyal to Haftar have blocked oil facilities and export terminals in the areas around Tripoli. In response to this, NOC shut down all production and export and referred to force majeure rules that exempted the company from compensation claims from customers who did not receive their deliveries, NTB writes.
A compliance committee meeting at OPEC + is scheduled for September 17.
