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JN2 on November 16, 2005 - 6:07pm
"Oil is a fungible commodity" - discuss. Is it? How much is sold on forward contracts like Venezuela's new contracts with China? How much is sold on the spot market? Does anyone know?
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PhilRelig on November 16, 2005 - 10:05pm
Interesting that you should mention Venezuela. It seems to me that insofar as they offer oil on a priority basis and at a discount rate to close allies such as Cuba, oil is not fungible. Or am I wrong about this? (Not that I find Venezuela's policy objectionable - quite the contrary, actually.)
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