VOL. XLV

No 51/52

23/30-December-2002

OPEC

Venezuela Exports Not Easily Substitutable, Says JP Morgan

The Venezuelan oil workers strike and political uncertainty hold severe dangers for the oil market, which have not yet been adequately reflected in crude prices, according to JP Morgan analyst Paul Horsnell. In the report Oil Market: Why Venezuela Matters, published on 16 December, he writes: The main importance of Venezuela in the oil market is that it is one of the two dominant suppliers of the...