Crude Oil Rises as Hurricane Ivan Slashes Gulf of Mexico Output
Sept. 14 (Bloomberg) -- Crude oil rose for a second day on concern that Hurricane Ivan will slash U.S. offshore production in the Gulf of Mexico by the biggest amount in two years.
Royal Dutch/Shell Group said it will reduce output by 444,800 barrels a day after evacuating workers from central and eastern areas of the Gulf. Ivan is forecast to come ashore between Louisiana and Florida by Thursday. World markets have more than enough supply, Saudi Arabian Oil Minister Ali al-Naimi said in Vienna before tomorrow's OPEC meeting.
"With a storm at this intensity you have to worry about damage," said Kyle Cooper, an analyst with Citigroup Inc. in Houston. "Platforms are designed to withstand hurricanes but something is going to break."
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