According to Seeking Alpha, US oil companies restarted operations at production facilities along the Gulf Coast after Hurricane Delta hit the area. Experts emphasize that US oil producers are now striving to lessen the destructive effect of the disaster.
By Monday, October 12, the price of oil started to decrease amid the restoration of oil production. During the previous week, October 5-9, the price of the benchmark WTI and Brent crude oil increased by more than 9%. However, it sank later. Notably, WTI for November 2020 delivery dropped by 1.3% to $40,08 per barrel, while Brent crude for December delivery declined by 1.3% to $42.30 per barrel.
The Bureau of Safety and Environmental Enforcement points out that efforts to restore carbohydrates production sometimes turn out to be unsuccessful. Last Sunday, October 11, many energy companies had to tighten oil output. Some 91% of offshore crude oil extraction and 62% of natural gas output remained shut in the Gulf of Mexico.
Experts estimated that this had been the largest suspension of crude oil production for the last 15 years. Similar events took place in 2005 when Hurricane Katrina slammed the area.
