Chavez threatens US: Attack on Iran will spike oil prices
By M&C US News Nov 18, 2007, 19:43 GMT
Iranian President Mahmoud Ahmadinejad (L) and Venezuela\'s President Hugo Chavez during the closing session of the 3rd OPEC Summit in Riyadh, Saudi Arabia, on 18 November 2007, Venezuelan President Hugo Chavez warned the US that the oil price could reach 150 US dollars a barrel or even 200 US dollars per barrel, if the US dared to attack Iran or Venezuela . EPA/JAMAL NASRALLAH
The OPEC summit had the little mouth that roared from Venezuala issue yet another portentious decree: Any US strike against Iran or Venezuala will cause oil to rocket to $200 a barrel, Hugo Chavez claims.
In an opening address of a rare OPEC summit, Venezuelan President Chavez issued his new warning to the United States on Saturday.
The summit of the Organization of Petroleum Exporting Countries opened Saturday in Saudi Arabia, with heads of states and delegates from 12 of the world's biggest oil-producing nations listening to a recitation from the Koran.
After the Koran was read, Chavez warned that the U.S. should not target OPEC members for foreign policy reasons.
"If the United States attempts the madness of invading Iran or attacking Venezuela again, the price of oil is probably going to reach $200, not just $100," Chavez said.
While Iran has been in a standoff with the U.S. over its nuclear program, communist leaning Chavez is no fan of President Bush.
"We are witnessing constant threats against Iran. I think OPEC should strengthen itself in this capacity and demand respect for the sovereignty of our nations, if the developed world wants a guaranteed supply of oil."
It was the third full OPEC summit since the organization was created in 1960.
U.S. Energy Secretary Samuel Bodman called on OPEC to increase production earlier this week, but cartel officials will not decide until the group meets next month in Abu Dhabi, United Arab Emirates.
There is doubt that more production will alleviate the oil prices, saying the recent rise has been driven by the falling dollar and financial speculation by investment funds, rather than any supply shortage.