OGJ Newsletter

12/23/2002
Market MovementVenezuela's turmoil intensifiesVenezuela's beleaguered President Hugo Chavez last week authorized the military to commandeer private ships, trucks, and planes to distribute fuel and food as a general strike to oust him approached its third week.That strike, which began Dec. 2, involves most employees of state oil company Petroleos de Venezuela SA and at presstime last week had choked off PDVSA's oil production to 370,000 b/d, less than 15% of normal levels of some 3 million b/d. PDVSA officials said that production level is unlikely to fall further because they do not want to cut off basic electric power services in that country. Click here to enlarge imageMean...
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