Industry at a glance
Vol. 224 No. 2 Venezuela’s strike affected both global oil prices and production for December. The work stoppage also crippled the country’s economy, with 73% of its crude production slashed. A group led by th
Venezuelas strike affected both global oil prices and production for December. The work stoppage also crippled the countrys economy, with 73% of its crude production slashed. A group led by the US and Brazil began a mediation process between Venezuelan President Hugo Chavez and the opposition. Meanwhile, US oil production climbed more than 2% for the month. Reacting to several stimuli, oil price futures soared 20% in December. Prompted by the loss of Venezuelan imports and threats of potential war with Iraq, Arabian Light prices rose 15.2% while Brent Blend prices shot up nearly 19%. Drilling rig activity in the US increased 2.6% from Novembers level, but it was still down 5% from the same period in 2001. |