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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (64340)	1/5/2003 1:48:23 AM
From: Bilow	Respond to of 281500

Hi CobaltBlue; Re: "Hi Carl - if you take a longer view, oil prices have really moved up since mid-November. Well, the chart shows that November was a rather low oil price, relative to the October peak. And oil's price rise in the last few weeks is due to the situation in Venezuela, not to any threats of war. Here's some references: The four-week-old strike has shut down key sectors of the economy and created gasoline and food shortages throughout Venezuela, the world's No. 5 exporter. Oil production has plunged from three million barrels a day to 260,000 barrels a day. "For some time, we will have distortions on the world oil markets due to this situation," Oil Minister Rafael Ramirez acknowledged Monday. cbc.ca According to the U.S. Department of Energy, Iraq's average daily output last year was 2.45 million barrels a day, with about 2 million barrels a day legally exported under the U.N. program and the rest used domestically. cnn.com If you go back to that chart, you can clearly see the effect of that 4 week strike. Everybody's minting money. Another interesting aspect of that chart is the severe drop in oil prices after September 11th. -- Carl