Tropical Storm Isaias Approaches, 25% Of Mexico Gulf Oil Production Shut Down
Tropical Storm Isaias formed in the Gulf of Mexico on October 7 and is expected to strengthen into a hurricane by Thursday, with landfall anticipated early Saturday. Shell has evacuated all personnel and halted production at its Mars, Olympus, Ursa, Vito, and Appomattox platforms. Chevron has also initiated shutdowns at four offshore facilities. Approximately 25% of crude oil production in the Gulf of Mexico, equivalent to about 512,000 barrels per day, has been suspended.
Support for oil prices has strengthened recently as supply disruptions during the hurricane season have heightened geopolitical risks.
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