While forecasters were expecting a fall of 3 million barrels,crude oil stocks in the United States actually increased by 1.5 million barrels to 275.8 million barrels in the week of 13-17 January,according to figures released by the U.S.Department of Energy (DOE).Despite the sharp drop in Venezuelan oil exports,which has affected the American market first and foremost,the U.S.has succeeded in increasing its stocks by stepping up its imports from Saudi Arabia and other exporting countries.The latest American statistics and the signs that the strike in Venezuela is running out of steam have had the effect of easing the pressure on oil prices,although they remain at a high level because of the risks of a war in Iraq,which are becoming clearer with every day that passes.But is it really certain that such a war will necessarily cause a shortage of supply and trigger an uncontrollable and lasting upsurge in prices?
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