Gulf Oil Production Cut by 24% as Hurricane Francine Threatens Louisiana Coast

Hurricane Francine intensified to Category 1, threatening the Louisiana coast with strong winds, heavy rains, and a storm surge. Oil and gas companies in the Gulf of Mexico have shut down production and evacuated staff due to the storm. The energy sector faces disruptions, with 24% of U.S. Gulf oil and 26% of natural gas production offline. Natural gas prices have increased, while oil futures have declined. Key ports and LNG export plants in the region are preparing for impacts, with some already implementing storm plans.