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Gulf Of Mexico Storm Pushes Oil Price To $66 - Business - Nairaland

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Gulf Of Mexico Storm Pushes Oil Price To $66 by sophsia62: 6:05am On Jul 11
Crude oil prices jumped three per cent to $66.08 a barrel yesterday, after major producers evacuated rigs in the Gulf of Mexico ahead of an expected storm and just as United States’ crude inventories shrank more than expected.

While the global benchmark, Brent crude rose by $1.92, to $66.08 a barrel, the United States West Texas Intermediate (WTI) climbed by $1.75, also three per cent, to $59.58 a barrel.


US crude stocks fell 9.5 million barrels in the week to July 5, more than triple the 3.1 million barrel draw analysts had expected, as refineries ramped up output, the country’s Energy Information Administration (EIA), said.

The report followed data from the American Petroleum Institute (API), an industry group, on Tuesday that had boosted oil prices earlier.

Reuters reported that major oil firms began evacuating and halting production in the Gulf of Mexico after weather forecasts warned that a tropical disturbance might become a storm yesterday (Wednesday) or today.
Chevron Corporation, Royal Dutch Shell, BP and BHP Group were in the process of removing staff from 15 offshore platforms.

ExxonMobil said it was “closely monitoring” the disturbance to determine if its facilities might be affected.

The Gulf of Mexico is home to 17 per cent of United States crude oil output, which stands at around 12 million barrels per day (bpd).

The US crude and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices.

OPEC and its allies, led by Russia, have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which this year has become the world’s top producer ahead of Russia and Saudi Arabia.

The alliance, known as OPEC+, agreed last week to extend their supply-cutting deal until March 2020.
Also tensions around Iran’s nuclear programme and recent incidents involving oil tankers in the Gulf have supported prices.

A US General said Washington hoped to enlist allies over the next two weeks in a military coalition to safeguard strategic waters off Iran and Yemen, where the United States blames Iran and Iran-aligned fighters for attacks.

Iran has long threatened to close the Strait of Hormuz, through which almost a fifth of the world’s oil passes, if it was unable to export its oil due to US sanctions.

https://www.akelicious.net/2019/07/gulf-of-mexico-storm-pushes-oil-price.html

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by peculiar3(m): 6:16am On Jul 11
...one man's disaster is another man's fortune, more money for buying more cows and cow feeds grin grin grin

9 Likes

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by mbahjohnpaul: 6:16am On Jul 11
Who be dat mumu for ist to comment
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by Cue4rm: 6:16am On Jul 11
Our oil
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by PedroEastman: 6:17am On Jul 11
Nigeria price will still rice too FTC to my fans
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by meobizy(m): 6:17am On Jul 11
I guess those working in similar rigs around the world will smile, their economies aren’t affected.
What of the shale oil thing which made headlines back in 2015, it has gone quiet?

Ahead-ahead naim we dey for this country.
We have no time for competitors in the petroleum industry.

1 Like

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by vastolord4(m): 6:19am On Jul 11
Agric is the key
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by omerah86(m): 6:20am On Jul 11
End time oil
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by straighttalk(m): 6:20am On Jul 11
How does this concerns me?
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by NwaJozi: 6:20am On Jul 11
Good nees
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by dayleke(m): 6:20am On Jul 11
Is this good or bad for d kontiri?
More money to loot?
Local man no dey see/feel d monies anyways.

Bad roads, poor healthcare facilities etc....

Local men are fed up.
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by Nobody: 6:21am On Jul 11
vastolord4:
Agric is the key
how many agric billionaires dey this world?

3 Likes

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by cwale044: 6:21am On Jul 11
peculiar3:
...one man's disaster is another man's fortune, more money for buying more cows and cow feeds grin grin grin

Exactly what came to my mind
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by OhiOfIhima: 6:21am On Jul 11
Another avenue for Buba n his zombies to pocket more cashes..

las las we gonna be alright.
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by netpro(m): 6:23am On Jul 11
Money for our Next Level falling in line. God bless Nigeria.
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by vastolord4(m): 6:23am On Jul 11
Joromi12:
how many agric billionaires dey this world?

Not individuals, countries bro.. check how much we made from just groundnut pyramids far back in the 60s and 70s

1 Like

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by colbankz(m): 6:24am On Jul 11
Goodnews for Nigerian govt. But it's for a while
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by kutashi: 6:26am On Jul 11
PedroEastman:
Nigeria price will still rice too
FTC
to my fans
'rise' bro
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by helinues: 6:31am On Jul 11
Ok
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by ebuk4real(m): 6:32am On Jul 11
angry

Same awuf money looted by ALL our successive leaders looters?
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by Jason007: 6:35am On Jul 11
even if it drops, it's not like the masses ever feel the impact. just numbers to some people.

1 Like

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by Mayflowa(m): 6:36am On Jul 11
meobizy:
I guess those working in similar rigs around the world will smile, their economies aren’t affected.
What of the shale oil thing which made headlines back in 2015, it has gone quiet?

Ahead-ahead naim we dey for this country.
We have no time for competitors in the petroleum industry.

In the article, US is now the world largest producer of oil ahead of Russia and Saudi Arabia. And that is because of US shale oil.
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by TANID(m): 6:38am On Jul 11
Joromi12:
how many agric billionaires dey this world?
Perhaps Dangote And Shopprite.
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by TANID(m): 6:42am On Jul 11
dayleke:
Is this good or bad for d kontiri?
More money to loot?
Local man no dey see/feel d monies anyways.

Bad roads, poor healthcare facilities etc....

Local men are fed up.
That's Why I Always pray To God To Make Our Oil dry Or Make It Valueless, Since We Don't Kuku Benefit From It.

Before Oil There's A Good Road


Before Oil There's A Good Electricity


Before Oil There's A Good Names For Nigerians Outside The Country


Before Oil There's A Good Education Systems, Were Students cloths Are Washing By Government And Free Foods As Well For Them, Not Just A Food Like That But With Good Healthy Chicken, There Was A Time Nigeria Students Protest Because Nigeria Government Reduced Their Chicken, But Now After We Don Get Plenty Oil That Kind Of Education System Don Go Patapata


Before Oil Na Free Education But Now Nko



Before Oil dollar na small pikin to naira but now Naira Is Valueless Even To Ghana Money

Before Oil........... Add Yours Please




Seriously There's Was A Time That You Would Just Walk To Hospital With Your School Uniform And Get Free Treatment But Now Hmmmm.

1 Like

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by MrBONE2(m): 6:45am On Jul 11
More money for Political Father Christmas to share.


grin

1 Like

Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by eddieguru(m): 6:58am On Jul 11
cool cool cool
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by ReeLoaDead(m): 7:06am On Jul 11
Is good, Hon Dino can now buy one more car or even two ...
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by urahara(m): 7:10am On Jul 11
vastolord4:


Not individuals, countries bro.. check how much we made from just groundnut pyramids far back in the 60s and 70s


How many countries have u seen get rich from agriculture ?
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by TANID(m): 7:21am On Jul 11
urahara:



How many countries have u seen get rich from agriculture ?
India, thailand And Nigeria Once Upon A Time.
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by dayleke(m): 7:24am On Jul 11
TANID:
That's Why I Always pray To God To Make Our Oil dry Or Make It Valueless, Since We Don't Kuku Benefit From It.

Before Oil There's A Good Road


Before Oil There's A Good Electricity


Before Oil There's A Good Names For Nigerians Outside The Country


Before Oil There's A Good Education Systems, Were Students cloths Are Washing By Government And Free Foods As Well For Them, Not Just A Food Like That But With Good Healthy Chicken, There Was A Time Nigeria Students Protest Because Nigeria Government Reduced Their Chicken, But Now After We Don Get Plenty Oil That Kind Of Education System Don Go Patapata


Before Oil Na Free Education But Now Nko



Before Oil dollar na small pikin to naira but now Naira Is Valueless Even To Ghana Money

Before Oil........... Add Yours Please




Seriously There's Was A Time That You Would Just Walk To Hospital With Your School Uniform And Get Free Treatment But Now Hmmmm.


You summed everything up bro....
chop knuckle
Re: Gulf Of Mexico Storm Pushes Oil Price To $66 by sylve11: 7:25am On Jul 11
but R.Kelly said the 'the storm is over', or didn't he? cool

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