After Storm Ida, oil markets to refocus on Covid-19 and supply

Opec+ meets on Wednesday to discuss a scheduled increase in its oil output, in what would be a further easing of the record output cuts made last year

A man, using pieces of plastic against the rain caused by Hurricane Ida, in the Mayabeque province, Cuba; nearly all offshore Gulf oil production, or 1.74m barrels per day, was suspended in advance of the storm.

Global oil prices slipped, giving up an earlier rally to a four-week high, as Hurricane Ida weakened after forcing shutdowns of US Gulf oil production, and Opec+ group of oil producers looked set to go ahead with a planned oil output increase.

Within 12 hours of coming ashore, the storm had weakened into a Category 1 hurricane. Nearly all offshore Gulf oil production, or 1.74m barrels per day, was suspended in advance of the storm.