We'll see where the futures market settles tomorrow afternoon.
I'm guessing there won't be a huge impact, as there would have been at one time.
Ten years ago, an event like this would have had a strong and swift effect on worldwide oil prices, but probably not so much today.
There is plenty of slack capacity just looking for a little uptick in price to splash out into the market and OPEC is looking to restrain their output anyway.
IMO, production capacity is no longer the primary driver of product prices.
Refinery capacity is.
I'm guessing there won't be a huge impact, as there would have been at one time.
Ten years ago, an event like this would have had a strong and swift effect on worldwide oil prices, but probably not so much today.
There is plenty of slack capacity just looking for a little uptick in price to splash out into the market and OPEC is looking to restrain their output anyway.
IMO, production capacity is no longer the primary driver of product prices.
Refinery capacity is.