Middle East Economic Survey

VOL. XLVII

No 38

20-September-2004

OIL PRICES

Crude Prices Rise As Hurricane Ivan Shuts In Overstretched US Infrastructure

Crude oil prices rose last week as the market braced itself for disruptions to US production, refining and imports as Hurricane Ivan headed towards the Gulf Coast. The strongest storm in the Gulf of Mexico for around 25 years, Ivan resulted in offshore producers shutting in about 1.3mn b/d of oil production and refiners in Louisiana and Texas closing...