OGJ Newsletter

03/31/2003
Market MovementNigeria, Venezuela figure into OPEC oil export outagesAlthough markets largely have focused on the US-led war on Iraq and its consequences on world oil supply (see related stories on pp. 20, 22), traders also contemplated the effect of export outages from two other key members of the Organization of Petroleum Exporting Countries—Nigeria and Venezuela.Supply outages because of civil unrest in these countries have helped support oil prices. Meanwhile, the US Energy Information Administration said in its inventory report that US gasoline inventories declined by 2.1 million bbl to 199 million bbl, while crude stocks increased by 3.7 million bbl to 273.9 million bbl for th...
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