In the eye of a sandstorm
Arab News, March 11, 2009 (15 Rabi` al-Awwal 1430)
... skip ... In neighboring Kuwait, oil exports were restarted after a brief halt due to the storm and poor weather. Sources in Saudi Arabia and the United Arab Emirates said their Gulf export operations were not affected. ... snip ...
Kuwait ceases exports because of bad weather Kuwait ceases exports because of bad weather
Bloomberg, Published: March 10, 2009, 22:50:
Kuwait City: Kuwait halted oil exports as a heavy sandstorm and strong winds hit the country, a Kuwait National Pet-roleum Company spokesman said.
"We stopped exports about five minutes ago ... due to the bad weather, the sandstorm and strong winds," Mohammad Al Ajmi said in a telephone interview yesterday. "All shipping operations have been stopped and we will need to monitor the situation for at least 12 hours."
The exports include crude, liquefied petroleum gas and other oil products. Kuwait, the fifth-largest producer of crude in the Organisation of Petroleum Exporting Countries, pumped 2.14 million barrels of oil a day in February, according to Bloomberg data. ... snip ...
So where's the price *ka-boom*? What kind of a lag if any? Is there simply too much spare capacity around for this to do anything to the price?