400,000-barrel per day reduction in output would have a major impact on oil prices, said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.
"Oil prices could increase by as much as $10 per barrel given the current environment," Emori said. "But we can't really say for sure how big an effect this is going to have until we have more exact figures about how much production is going to be reduced."
Some analysts believe that the impact of this shut down will actually be minimal and are taking the wait-and-see approach. I wouldn't be surprised, though, if we see those gas prices hit even bigger records. (story here)
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