BP spill highlights event risk

The recent disruption of crude oil supply from BP's Alaskan oil field should encourage end-users to take better care of their exposure to event risk, say consultants.

Last month, a corroded oil pipeline in Alaska forced BP to shut half of its Prudhoe Bay oilfield - North America's largest. This will reduce production from the facility by an estimated 200,000 barrels a day, which is 4% of US crude oil production.

The price of Nymex front month WTI rose from around $73/bbl to over $78/bbl with t