Refinery Bottleneck Could Hit Oil Price

Refinery Bottleneck Could Hit Oil Price - at www.moneyweek.com - the best of the international financial media

Markets have shown very little reaction to OPEC's announcement of a 2 million barrels a day increase in output. Instead they remain focused on the possible impact of Hurricane Rita.

There are a number of reasons for this lack of interest in OPEC. At the most general level, markets are sceptical that the announcement makes much difference, since most of the cartel is already pumping as much crude as it can. Any additional crude output would come from Saudi Arabia, in the heavy sour grades which are not currently in great demand.

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