Hurricane Ida is now officially the most devastating hurricane ever in terms of oil production disruption, and experts expect the outages to last throughout the month of September Friday, September 17, 2021 The US Gulf of Mexico is gradually bringing back idled production capacities – as of today roughly a quarter of oil output remains offline – however, the overall anticipation of further stock draws in the US have weighed upon the market sentiment and helped Brent prices home in on the $75 per barrel mark. Ida-triggered supply disruptions will only exacerbate the market tightness in the upcoming weeks, as the pace of global demand recovery exceeds supply increments, despite OPEC+ pushing out more barrels into the market. China’s Oil Consumption to Peak in 2026. China’s oil consumption is expected to peak around 2026 at 16 mbpd, whilst natural gas will see a much more protracted path to an […]