Production, refining resumes slowly following Katrina

Oil and gas production ramped up in the Gulf of Mexico and some Gulf Coast refineries resumed operation last week in the wake of Hurricane Katrina.Markets also anticipated the release of crude and petroleum products stockpiled by the 26 members of the Paris-based International Energy Agency, in cooperation with the European Union. The two groups agreed Sept. 2 to supply 60 million bbl of crude and refined products to world markets over 30 days, “allowing market mechanisms to provide the most efficient method of directing the oil where it is needed,” IEA officials said.Additional supplies, aidThe “initial response” of 2.1 million b/d will be “94% stockdraw, 3%...

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