- Oil prices trade slightly lower Tuesday morning after settling over $69/Bbl for the first time in over two weeks on Monday
- The Bureau of Safety and Environmental Enforcement (BSEE) estimates that about 94.6% of the current oil production in the Gulf of Mexico remained shut in on August 30 as a result of storm Ida
- Gulf of Mexico production is expected to resume service gradually, but local refineries may be slower to return
- At least 2 MMBbl/d of oil refining capacity was affected by the storm, which cut power across Louisiana
- OPEC+ expects global oil markets to tighten this year even as they pump more oil, but then flip into surplus again in 2022 (Bloomberg)
- Their projection of a tighter near-term oil market should allow them to continue with the plan of reletting 400 MBbl/d a month
- The Saudi oil minister emphasized at the cartels previous meeting that OPEC+ is prepared to pause or even reverse its scheduled output increase if necessary
- OPEC meets 5 p.m. Vienna time on Wednesday