Storms That Pass

Oil production and refinery operations are already coming back in the aftermath of Tropical Storm Barry. Yet it might not be just the passing of Tropical Storm Barry that could ease upward pressure on oil prices, but also the possibility that geopolitical storms with Iran may start to see the skies clear. Reuters reported Iranian President Hassan Rouhani said on Sunday, July 14th that Iran is ready to hold talks with the United States, under the condition of lifting sanctions and returning to the 2015 nuclear deal. "We have always believed in talks ... if they lift sanctions, end the imposed economic pressure and return to the deal, we are ready to hold talks with America today, right now and anywhere," Rouhani said in a televised speech. Also, it was reported that “Britain will facilitate the release of a seized Iranian tanker if Iran can provide guarantees the vessel would not breach European sanctions on oil shipments to Syria,” Britain's top diplomat said, as European nations called for new talks to ease tensions in the Persian Gulf. There has been talk of back-channel talks between the U.S. and Iran to cool down the temperature and avoid a war.

Tropical Storm Barry could have been a lot worse. The storm did cause approximately 72.82 percent of the current oil production in the Gulf of Mexico to be shut-in, which equates to 1,376,265 barrels of oil per day, that according to the BSEE, should be the peak. Bloomberg reports that “Some producers in the Gulf of Mexico are preparing to, or have begun to, re-staff their offshore crude and natural gas platforms.” Exxon Mobil Corp. said it was returning workers to its three platforms where non-essential staff were evacuated, with “minimal production impact.” BHP Group expects to return workers to its two shut assets by Monday, while Enbridge Inc. plans to return the crew to an offshore natural gas platform. Their offshore and onshore facilities would have to inspected before they can restart.

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