Hurricanes Led To Steepest Fall In Gulf Of Mexico Oil Production Since 2008

Crude oil production in the U.S. Gulf of Mexico dropped in August by the largest amount compared to the previous month since September 2008, due to shut-ins because of Hurricanes Marco and Laura, the Energy Information Administration (EIA) said on Wednesday. In August, Gulf of Mexico’s crude oil production declined by 27 percent, or by 453,000 barrels per day (bpd), compared to July, the EIA has estimated. Total crude oil production in the Gulf of Mexico averaged 1.2 million bpd in August 2020, which was the lowest production rate in almost…