Friday, December 20, 2002
Oil price hits two-year high
Though western strategic oil stocks are probably at their best-ever level, the oil price has started to climb alarmingly. The worry is that supplies will be disrupted by two problems simultaneously - an Iraq war and strikes in Venezuela.
However, for this to really happen the Venezuelan political crisis would have to keep going for months. Because Venezuela is located much closer to its major markets than the middle east is, once exports resume the oil can be got to customers in a matter of days.
Analysis from Reuters and from Forbes.
News from Venezuela (weirdly translated by Google).
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