Abstract
This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'. More oil price records were set as refiners worried about supply and inventory levels and other buyers took advantage of a falling US dollar to stock‐up on oil and other commodities. October WTI briefly touched $84.10/bbl on 20th September. The US benchmark gained more than most crudes on fears of disruption to oil production in the US Gulf with the arrival of Hurricane Humberto. Some 1.3 mn bpd of production was temporarily shut‐in as a precaution, though in the end there was no damage to offshore installations. North Sea crudes rose sharply the following week, pushing IPE Brent into record territory on 28th September, when the London benchmark rose above $81.00/bbl . The new records came despite a decision by OPEC on 11th September to increase its output by 500,000 bpd between August and November. The November target is 27.25 mn bpd, compared with February 2007's level of 25.80bpd. Iraq and Angola are outside the quota system, though Angola is set to join it in the near future.
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