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Oil jumps, OPEC won't budge
LONDON, England -- Oil prices jumped to near three-month highs on Monday after OPEC said it would not boost output to make up for shortfalls caused by a strike in Venezuela. The move added to concerns over a possible disruption of oil exports from the Gulf in the event of a U.S.-led attack on Iraq, which has been pushing crude prices higher in recent weeks. Brent crude for February delivery was up 70 cents to $29.04 a barrel in early London trading -- close in on a three-month peak $29.40 reached last Thursday. But February light sweet crude rose 59 cents to $30.89 a barrel in New York, which was just 50 cents below a two-year high. As the strike in Venezuela entered its fourth week, the Organization of Petroleum Exporting Countries said it had no plans to boost production to fill the gap in Venezuelan shipments. Venezuela -- the world's fifth largest oil exporter and the No. 4 supplier to the United States -- has seen its shipments shrink to about one-tenth of the usual 3.1 million barrels a day. President Hugo Chavez, who has been under growing pressure from opponent to resign and call early election said on Sunday that his government was slowly restoring oil output and shipments. However, that claim drew a quick response from striking workers at state oil company PDVSA who accused Chavez of lying. (Full story) Meanwhile, there are growing fears that a war against Iraq -- which exports up to 2.1 million barrels a day, or almost three percent of global demand -- would also disrupt exports and forces price higher. Iraq's top government scientist said on Sunday his country would welcome "someone from American intelligence" to show U.N. weapons inspectors where President George W. Bush believes Iraq is hiding its weapons programs. (Full story) The U.S. offered a cool response to the invitation, which follows the Bush administration's rejection of Baghdad's declaration on its weapons programme, saying it was incomplete and in "material breach" of U.N. resolutions. "While we have not given up on disarming Iraq through the United Nations, we are now entering a final phase in how we compel Saddam Hussein to disarm," a U.S. official told Reuters.
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