geopolitics

Brent futures dipped on Friday but held above $75 a barrel, remaining on track for weekly gains of more than 3% thanks to the slow recovery in output after two hurricanes in the Gulf of Mexico.

Futures rose towards $73 a barrel on Friday as refineries in Louisiana restarted and returning offshore production could not keep pace.

Damages to oil production facilities in the US Gulf of Mexico kept output largely halted a week after Hurricane Ida made landfall, according to offshore regulator the Bureau of Safety and Environmental Enforcement.

Prices advanced as hurricane Ida shut off some 59% of Gulf of Mexico crude production. At the same time, the Federal Reserve reinforced its support to begin tapering stimulus by the end of the year.

Oil production is generally declining in the list of nations below; nearly all appear to be in permanent decline, though a few—especially Suriname—will increase again. 

Prices fell last week for the first time since May after days of volatile trading in the wake of OPEC+’s stalemate over a production increase.

Futures posted their sixth straight weekly gain, the longest winning streak since December, as the standoff between OPEC+ ministers over output dragged on.

Prices posted their fifth straight weekly gain, the longest winning streak since December, as demand recovers and supplies continue to tighten in the US and China.

Prices posted a fourth straight weekly gain as signs of a global demand recovery and supply discipline among producers encouraged investors. Futures in New York rose 1% last week.

Crude posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year.

Futures rose towards $72 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about the pace of the COVID-19 vaccination rollout around the globe.

It was a historic week for the oil industry, potentially marking a turning point, at least for the corporate strategies of the oil majors.