VOL. XLVI

No 2

13-January-2003

OPEC/IRAQ

Market Spooked By UN-Iraq Tension After OPEC Calming Moves

Crude oil prices were pulled back last week from their recent high by the growing consensus within OPEC in favor of a production increase, and by the organizations announcement of an extraordinary ministerial meeting to be held in Vienna on 12 January. While the Venezuelan strike has led to a shortage of heavy, sour crude in the US Gulf Coast market in particular, alternative sources of crude and...