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Chavez warns of $200 oil
17/11/2007 23:22 - (SA)
Riyadh - Venezuelan President Hugo Chavez
said on Saturday that oil prices could more than double to $200
per barrel if the United States attacked Iran over a standoff
about Tehran's nuclear programme.
"If the United States is crazy enough to attack Iran or
commit aggression against Venezuela ... oil would not be $100
but $200," Chavez told an OPEC summit in the Saudi capital
Riyadh. His remarks were translated into Arabic.
Chavez also said $100 per barrel was a "fair" price for oil.
Oil has lapped against the $100-mark this month, prompting
consumer nations to call on the exporter group to help ease
price pressure by providing the market with more crude.
On Friday, Saudi Arabia objected to an attempt by Iran and
Venezuela to highlight concern over the dollar's weakness in the
summit communique and the group voted the proposal out.
Venezuela is a price hawk and holds some of the largest
reserves outside the Middle East and is the No. 4 US supplier.
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