How OPEC Was Hurt By The Hurricanes

12 Sep 2017   OPEC

Hurricane Irma was downgraded to a tropical storm early Monday, although it is still bringing floods and damage to much of Florida as it makes its way north, leaving millions without power . As for the oil market, the impact of the storm will be felt almost exclusively on demand, with little to no effect on crude oil production or refining. Goldman Sachs estimates that Hurricanes Harvey and Irma will leave a huge dent in oil demand, an effect that will be felt across the world. The two storms will lead to a reduction in global oil consumption by about 600,000 bpd for the month of September. The investment bank says that Hurricane Harvey alone will lead to a plunge in oil demand by about 600,000 bpd in September, while Irma will cause demand to decline by 300,000 bpd. That decline is somewhat mitigated by the fact that Texas […]

Comments are closed.