Oil Daily | Shell Halts Gulf Production Amid Storm; India's Imports Rise as Domestic Output Falls

【Oil-Producing Countries Dynamics】

Shell is preparing to halt production at its Stones and Appomattox platforms in the Gulf of Mexico due to Tropical Disturbance 35. The company is evacuating non-essential personnel and pausing drilling operations, while continuing to monitor the situation. Earlier, Shell had shut down various assets due to Hurricane Francine.

India's crude oil production dropped by 3.4% in August, leading to increased imports by 6.4% to meet demand. The country, heavily reliant on oil imports, continues to expand its economy and refinery operations. India is a significant buyer of discounted Russian oil and is expected to drive 35% of future global energy demand.

【Industry News】

A gas explosion in an Iranian coal mine caused 51 casualties. Rescue operations face challenges due to high methane levels. The mine, operated by Madanjoo Company, is crucial for Iran's coal supply. An investigation has been ordered by Iran's president, and additional rescue personnel have been deployed.

【Others】

Tensions in the Middle East, notably between Israel and Hezbollah, have influenced oil market sentiment, but price gains are limited. Analysts suggest prices may stabilize as market attention shifts back to demand concerns, particularly regarding China's economic stimulus and European refining challenges.