Middle East Economic Survey

VOL. XLVII

No 39

27-September-2004

OIL PRICES

Market Tightens As Yukos Supply Restriction Adds To Hurricane Ivan Impact

Crude oil prices rose last week as the market, already tight and vulnerable to supply disruptions because of strong demand and overstretched production capacity, felt the impact of Hurricane Ivan on inventories. The price rise began on 20 September after Russias Yukos suspended 100,000 b/d of crude supply to China, citing problems paying freight costs...