OGJ Newsletter

01/06/2003
Market MovementEffects of Venezuelan strike more evident in USUS effects of Venezuela's month-long strike, aimed at ousting President Hugo Chávez, became more evident last week as the American Petroleum Institute reported US oil stocks fell a whopping 9.1 million bbl to 277.5 million bbl total.US imports of crude oil dropped by 1.1 million b/d to 7.7 million b/d, while imports of petroleum products were down 604,000 b/d to 2.3 million b/d, largely as a result of that strike.Venezuela's oil exports, primarily to US refiners, averaged just over 230,000 b/d in December, down drastically from 2.7 million b/d in Novem- ber. Efforts by the Chávez administration to break the st...
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