VOL. XLV

No 50

16-December-2002

OIL PRICES

Crude Prices Boosted By Venezuela Strike And OPEC Supply Cut

Prices for the main market benchmark crudes moved higher last week, on expectations that both the Venezuelan oil workers strike and the new OPEC production accord would reduce supplies. The one downward move, on 11 December, was a result of reports of a number of cargoes being loaded out ofVenezuela. The market tightened again the next day, as OPEC announced an agreement to raise quotas by...