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not surprising.  Typically cold weather production systems like those in the North Sea do their maintenance in June/July.  Therefore a lull in production then.

Then we had the hurricanes that knocked 1-2% off the total.  

What is interesting is that even with the 1.5 MM off the market in the USGC, OPEC didn't produce as much as in May and the price still fell.   Demand destruction is real.

by HiD on Tue Nov 22nd, 2005 at 04:45:26 AM EST
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