Energy Department lowers offshore production estimates


The Energy Department lowered its oil production estimates in the Gulf of Mexico after Hurricane Ida temporarily halted production at the vast majority of offshore oil platforms last month, The Houston Chronicle reports. Gulf oil output is expected to fall by 200,000 barrels per day in August to 1.5 million. September production is expected to fall by 500,000 barrels per day to 1.2 million, the agency said Thursday. Read the full story.