All Gulf of Mexico crude prod halted
Essentially all Gulf of Mexico crude oil production and 30 percent of U.S. oil refinery production was shut as Hurricane Rita approached the Texas and Louisiana coasts.
Oil prices dropped Friday afternoon as Rita was downgraded to a Category 3 at maximum sustained winds of 125 mph.
About 72 percent of natural gas production was shut in by Friday, the U.S. Minerals Management Service said.
The MMS said 99.1 percent of crude production was shut.
The storm has forced shut 15 big U.S. refineries, adding to the four that had remained shut after Hurricane Katrina hit land August 29.
With nearly 30 percent of U.S. refining operations closed, there are worries about fuel shortages and spiking pump prices.
At 2 p.m. EDT (1800 GMT), the center of Hurricane Rita was located about 190 miles southeast of Galveston, Texas and about 175 miles southeast of Port Arthur, Texas.
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UPDATE 2-Mexico's Pemex resumes full production after Emily
Mexico resumed its full production of crude oil on Friday by bringing its wells in the Gulf of Mexico back on tap after they were closed by a powerful hurricane, state oil monopoly Pemex said.
Pemex slashed output and halted exports as Hurricane Emily pounded the Yucatan Peninsula and then moved into the Gulf of Mexico earlier this week.
The storm shut down 2.95 million barrels of day of crude oil as well as 1.87 million bpd of exports, the bulk of them to the United States.
Pemex typically produces about 3.4 million bpd of crude,
Crude Oil Is Little Changed as U.S. Gulf of Mexico Output Drops
Crude oil was little changed, rebounding from the session's lows, after a government report showed that U.S. oil production fell in the Gulf of Mexico.
Oil production was 901,726 barrels below pre-storm levels, almost 5 percent more than reported yesterday, the Minerals Management Service said in a daily report. Prices declined earlier today on an Energy Department report that showed U.S. supplies of crude oil and petroleum products declined less than expected in the wake of Hurricane Katrina.
``There are obviously still some problems out in the Gulf,''
Oil climbs as storm approaches Gulf of Mexico
Oil prices surged more than $1 on Wednesday as concerns about possible hurricane damage in the Gulf of Mexico added to fears about the conflict in Lebanon and the weekly US crude oil inventory report showed a drop in crude and petrol stockpiles.
IPE Brent for September delivery gained $1.45 to $77.35 a barrel in late afternoon London trade, putting the European benchmark oil price within sight of last months record of $78.18. The Brent price has risen $4 in the past three sessions.
Tropical Storm Chris threatened to turn into a hurricane and enter
WASHINGTON, September 3 (Itar-Tass) -- Hurricane Katrina ruined 58 oilrigs in the Gulf of Mexico, a representative of the American Petroleum Institute said on Friday. He said 30 oilrigs could not be restored.
Apache oil company, which announced the loss of eight oilrigs producing about 7,200 barrels of oil and 12.1 million cubic meters of gas a day, suffered large damages.
American experts said that total losses in the oil production have amounted to daily 7.44 barrels since August 26.
The Gulf of Mexico was supplying up to 30% of all U.S. crude and one-fourth of natural gas to the
Oil Production Down 78 Percent in Gulf of Mexico
The U.S. government says oil production in the Gulf of Mexico was nearly 80 percent below normal as of Saturday, five days after Hurricane Katrina tore through the region.
A report from the U.S. Minerals Management Service said Katrina had cut oil production in the Gulf by about 1.18 million barrels of oil per day. It said more than 280 offshore oil-drilling rigs and platforms remained evacuated.
The figures represent a slight improvement from Friday, when oil production in the Gulf was nearly 90 percent below normal.
Katrina's disruption to Gulf-area oil production and refineries
Oil leaps as Wilma menaces Gulf of Mexico
Oil leapt more than $1 yesterday as another tropical storm gathered strength in the Caribbean, menacing US rigs and refineries already rocked by the most active hurricane season in decades.
Tropical Storm Wilma, the 21st named storm this year, could move into the oil-rich Gulf of Mexico by the end of the week, the US National Hurricane Centre said yesterday.
Rising tension in Iran, the world’s fourth-biggest oil producer, also buoyed prices after twin bombings in the southwest oil city of Ahvaz. Tehran blamed the blasts on Britain.
US crude was up $1,14
Offshore U.S. crude oil production in the Gulf of Mexico was totally shut on Saturday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
MMS said the percentage of oil output shut was 100 percent, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day.
The report said 1.5 million bpd of crude oil production was shut as Saturday, in contrast to 1.486 million bpd reported shut on Friday.
For natural
Offshore U.S. crude oil production in the Gulf of Mexico was totally shut on Saturday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
MMS said the percentage of oil output shut was 100 percent, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day.
The report said 1.5 million bpd of crude oil production was shut as Saturday, in contrast to 1.486 million bpd reported shut on Friday.
For natural gas,
Oil, Gasoline Rise as Hurricane Rita Shuts Gulf of Mexico Rigs
Crude oil and gasoline climbed as Hurricane Rita threatened rigs, refineries and platforms in the Gulf of Mexico, less than a month after Hurricane Katrina struck.
Producers including BP Plc and Anadarko Petroleum Corp. evacuated staff and shut off-shore operations in the Gulf. Rita may reach the coast of Texas, the producer of a quarter of the nation's refined fuel, by Friday. The storm is expected to grow as strong as Katrina, which shut down nearly 10 percent of U.S. refining capacity when it hit last month.
``Rita is more
Crude prices retreat as Hurricane Emily weakens
Crude oil futures declined on Monday amid easing concerns about disruption of production in Mexico due to Hurricane Emily.
The second hurricane of the season has so far missed some oil production facilities in the Gulf of Mexico but had threatened to disrupt output in Venezuela and Mexico itself.
But Emily weakened as it passed Mexico’s Yucatan Peninsula, to sighs of relief from traders. They had expected worse disruptions just when the global crude market has virtually no spare capacity.
By late morning in New York, West Texas Intermediate for August delivery was trading $1.09 lower
