Venezuela crisis one of worst for oil market

The political crisis in Venezuela has created one of the biggest shocks in the history of the oil market and has exceeded any disruption likely from a war with Iraq, according to research from investment bank Goldman Sachs.

The combined effects of the Venezuelan strike and a war in Iraq could cost the oil market as much as 600 million barrels by the end of the third quarter 2003, which would be the biggest loss ever, Goldman adds. The combined output of Iraq and Venezuela is about 7 million b