Venezuela displacing Iraq as chief oil market worry

01/13/2003
The prospect of regime change in Venezuela has become a bigger factor in oil markets than that of regime change in Iraq.The main reason for that difference, which has helped New York next-month crude futures prices to top $33/bbl as of Jan. 3, is that the Venezuelan oil supply disruption has already occurred. And markets are already feeling the effects.The most notable effect in the US has been the scramble for supply to offset the loss of about 1.4 million b/d of crude and about 300,000 b/d of refined products from Venezuela. That is being reflected in a US oil stocks picture already squeezed to historically unhealthy levels. For the week ended Dec. 27, the US Department of Energy report...
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