VOL. XLVII

No 04

26-January-2004

OPEC

OIL PRICES

Crude Prices Driven By Strong US Products Demand

Crude oil prices last week reached a new high since the US-led invasion of Iraq, after an explosion destroyed three trains at Algerias Skikda LNG plant. The six-train plant had capacity to export 4.5mn tons/year of LNG, which was sent mainly to Europe, yet the loss of these supplies triggered a surge in US heating fuel prices already skittish as a cold snap gripped the US and a subsequent rise in...