Chevron, Shell and BP Pull Workers From the Gulf Ahead of Hurricane
Chevron is evacuating workers from all its platforms in the Gulf of Mexico as meteorologists warn of a tropical storm approaching the area. For now, Chevron is only evacuating non-essential personnel, Reuters reported, saying that oil production at the facilities remains normal. Some analysts, however, see the storm warning as a further complication for already jittery oil markets. Shell is also…
Chevron, Shell, and BP have evacuated non-essential workers from their platforms in the Gulf of Mexico in anticipation of an approaching tropical storm. The storm could intensify into a Category 2 hurricane by Friday, according to data, which has raised concerns about potential production and refining disruptions. KCM Trade’s chief analyst, Tim Waterer, stated that this storm is an "unwelcome complication for crude," as it could lead to production and refining issues at a time when the market already faces supply-side challenges.
If the storm materializes as forecasted, it could impact the operations of up to six Gulf Coast refineries, which constitute half of the United States' national refining capacity, or 14.1 million barrels daily. The storm could also affect platforms that account for 15% of the country's crude oil production and 5% of natural gas production.
Although the Atlantic hurricane season has been quieter than usual, recent forecasts caution of potentially severe hurricanes driven by climate change.
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