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July 25, 2008 5:01:06 PM CDT

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Chavez Warns of $200 Oil if US Strikes Iran

Posted Nov 17, 07 6:48 PM CST in Business,  World 

(Newser) – Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical agent.” Saudi Arabia’s King Abdullah countered, saying “Oil shouldn’t be a tool for conflict, [but for] development.”

Saudi Arabia also rebuked Iran's plan to convey concern over the weak US dollar—oil’s currency—arguing it could weaken the currency further. The dollar's low value, global tensions, and low oil supply have all spiked oil prices, the BBC reports. OPEC countries caused a further increase yesterday when they announced that oil production will not be changed until energy ministers meet next month.

Source BBC

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Saudi Arabia's King Abdullah, left, and Venezuelan President Hugo Chavez, right, greet the media as they attend the Organization of the Petroleum Exporting Countries (OPEC) opening ceremony in Riyadh,...   (Associated Press)
From left to right, the Amir of Qatar, Sheikh Salman bin Hamad Al-Khalifa, United Arab Emirates President Sheik Khalifa bin Zayed Al Nahyan, Iranian President Mahmoud Ahmadinejad, Venezuelan President...   (Associated Press)
Venezuelan President Hugo Chavez, attends the Organization of the Petroleum Exporting Countries (OPEC) opening ceremony in Riyadh, Saudi Arabia, Saturday, Nov. 17, 2007. (AP Photo/Hasan Sarbakhshian)   (Associated Press)
Saudi Arabia's King Abdullah, left, talks with Venezuelan President Hugo Chavez, right, as they attend the Organization of the Petroleum Exporting Countries (OPEC) opening ceremony in Riyadh, Saudi Arabia,...   (Associated Press)
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Iran  • oil price  • oil  • Saudi Arabia  • Venezuela  • Hugo Chavez  • OPEC  • King Abdullah  • oil supply


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