Two events in the Gulf of Mexico have dented the latest 2021 supply forecast by the Organization of the Petroleum Exporting Countries (OPEC).

Opec Mexico

In the cartel’s latest Monthly Oil Market Report (MOMR), oil supply outside of the OPEC countries for 2021 was revised lower by 0.17 million b/d from the previous forecast because of a 0.5 million b/d downward adjustment for 3Q2021.

OPEC pointed to the fire on a Mexico offshore platform that caused petroleum shortages. In addition, there have been continued “disruptions caused by Hurricane Ida,” researchers said. 

The fire on the E-Ku-A2 platform operated by state oil company Petróleos Mexicanos (Pemex) took about 421,000 b/d of production offline, with several days elapsing before output was fully restored.

OPEC researchers...