Baxia Markets
August 31, 2021

Crude Oil Price On A Steady Rise, Hurricane Ada Might Further Limit Supply

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U.S. West Texas Intermediate and international-benchmark Brent crude oil futures closed higher on Friday as oil companies raced to evacuate employees from offshore infrastructure ahead of hurricane Ida, prompting shutdowns at their facilities in the Gulf. By Sunday, energy companies had evacuated 288 platforms – more than half of those in the Gulf of Mexico and all 11 drilling rigs, according to the Bureau of Safety and Environmental Enforcement (BSEE).





The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on September 1, Kuwait’s oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 barrels per day for the next several months, Reuters reported.


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