IEA: Hurricane Ida Halted Production of 1.7 Million bpd at the End of August

Hurricane Ida halted production of about 1.7 million barrels of oil per day at the end of August, the International Energy Agency said Tuesday, August 14th.

The authority added that oil stocks of the OECD countries fell by 34.4 million barrels in July to 2.850 billion barrels.

The agency cut its forecast for oil demand in August and September by 600,000 barrels per day due to movement restrictions in China and Southeast Asia.

The International Agency indicated that the global demand for oil has declined for 3 consecutive months, according to its estimates, due to the increase in infections with the Covid-19 virus again in the continent of Asia.