News Headlines:
OIL DAYBOOK EUROPE: Biden Says Gasoline Prices Will Remain High (Bloomberg)
President Joe Biden said that Americans should expect high gasoline prices to continue into next year because of policies by OPEC and other foreign oil producers.
“That’s because of the supply being withheld by OPEC,” the president said during a CNN town hall in Baltimore.
* OIL FUTURES: Oil Edges Lower With Rally on Energy Crisis Running Out of Steam
Shell May Restart Ida-Hit Oil Platform Earlier Than Expected (Bloomberg)
Royal Dutch Shell Plc is hoping to restart its Ursa oil and gas platform in the U.S. Gulf of Mexico as early as the first half of November, according to a person familiar with the matter who asked not to be identified because the information isn’t public. The 100,000-barrel-a-day Ursa and the 60,000-barrel a day Mars offshore platforms have been shut since Hurricane Ida disrupted the U.S. oil industry in late August, and Shell has said their restarts are pending the completion of repairs to a transfer facility known as West Delta 143. Shell spokeswoman Cindy Babski declined to comment.
The platforms are key to the production of U.S. sour crude that competes with supplies from OPEC nations such as Saudi Arabia and Iraq and is used by refineries on the Gulf Coast.
Hurricane Ida had an unprecedented impact on the oil industry, causing the loss of 30 million barrels of offshore production. Last month, Shell estimated the facilities would be offline
until the first quarter of 2022. Earlier this month the company restored service to the Olympus field, after making fixes to a portion of that facility.
Before Ida, the Mars Pipeline, which receives sour crude from various production fields that gets marketed as Mars Blend, transported over 480,000 barrels a day of supplies, according to the latest available Louisiana state data for the month of July.
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FIS Tankers Daily Report 2021-10-22
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