Hurricane Dean Cuts Worldwide Oil Production 3%

As Hurricane Dean swept toward the Gulf of Mexico, workers abandoned Mexican oil rigs, leading to a 3% drop in world distribution of oil, according to Lloyd's List.

There was reportedly no significant damage to the oil infrastructure, in part because the storm had been reduced to a Category 1 storm -- down from a Category 5 -- after it crossed the Yucatan Peninsula.

About 80% of the oil Mexico produces goes to the United States, but prices have not been significantly affected, according to several press accounts of the storm.

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