Hurricane Nate shuts down about 90% of Gulf of Mexico oil production

10/9/2017 CNBC

Oil production slowed to a trickle in the Gulf of Mexico this weekend as energy companies turned off the taps and evacuated workers in preparation for Hurricane Nate.

More than 92 percent of crude output was offline in the nation’s offshore production hub as of Sunday morning, according to the U.S. Bureau of Safety and Environmental Enforcement. Energy companies also “shut in” nearly 78 percent of natural gas production, the bureau estimated, based on reports from companies.

The storm developed into a hurricane on Friday night and strengthened as it passed through the central Gulf of Mexico, before making landfall near the mouth of the Mississippi River. U.S. producers shut down about 300 of the 737 offshore platforms in the Gulf of Mexico to avoid potential damage.

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