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Venezuela's Chavez: Oil to $200, if Iran is invaded
AP
Venezuelan President Hugo ChavezCARACAS
Petroleumworld.com 11 14 07Is a press briefing Venezuelan President Hugo Chavez said Tuesday that oil prices could hit $200 a barrel if the U.S. attacks Iran.
"If the empire decides to invade Iran, surely oil prices could go as high as $200 a barrel," Chavez said.
Chavez also predicted that prices will probably settle at between 80 and 100 dollars per barrel.
"For years it's been heading toward 100 dollars (a barrel), but it should stabilize in the 80, 90, 100 dollar range," Chavez said.
" I think the price should stabilize," Chavez added.OPEC Secretary General Abdalla Salem el-Badri said Tuesday that global oil markets are well supplied, AFP reported.
"There is plenty of oil in the market," el-Badri told reporters in Riyadh, Saudi Arabia, ahead of a summit at the weekend of heads of state from the Organization of Petroleum Exporting Countries.
"OPEC is not happy with high oil prices and we're also not happy with low oil prices," he said, though he didn't elaborate on what those price levels were.
Chavez also reiterated that Venezuela would cut off oil exports to the U.S. if that government chose to invade Venezuela or Iran is invade by the U.S. He also added that Iran would also cut off oil to the U.S. if the U.S. invaded Venezuela.
New York's main oil contract, light sweet crude for December delivery, close down at 91.17 dollars per barrel.
In London, Brent North Sea crude for December delivery settle in 88.83 dollars per barrel, falling below 90 dollars for the first time since November 1.
Venezuela, is world's fifth largest oil exporter and one of the top oil exporter to the U.S.
Story by Elio Ohep from Petroleumworld 13 11 07
- Elio Ohep, editor@petroleumworld.com, 412 996 3730, Caracas.
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