As Floridians prepare for Hurricane Idalia, Lipow Oil Associates President Andrew Lipow joins Yahoo Finance Live to discuss the impact of the hurricane on oil prices.
Lipow says, “the impact of Hurricane Idalia on the energy infrastructure is actually very small. The majority of natural gas and oil production, if you will, is to the west of Mobile, Alabama.” Lipow explains what he is “really looking for is the supply disruptions coming from tanker deliveries of gasoline and diesel being delayed into the port of Tampa, as well as along the Florida panhandle from Pensacola over to Panama City.”
“For the global oil market,” Lipow says, we’ve been focusing on “the production cuts that we’ve been seeing out of OPEC+, specifically Saudi Arabia, as they try to get the price back towards $90 a barrel for Brent crude oil. And we’ve seen Saudi Arabia impose voluntary production cuts,” that Lipow expects will “continue through October and perhaps through the end of the year.”
Lipow notes that “the oil market has been… disappointed with the re-opening of the Chinese economy and the rate of growth that we’re seeing in oil demand.” Chinese oil demand in the second quarter was “very robust” at "16 million barrels a day… but we expect that demand is going to start to slack in the third and fourth quarter,” Lipow says.
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August 30, 2023 at 03:18AM
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Why Hurricane Idalia won't move oil prices much - Yahoo Finance
"Oil" - Google News
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