Chavez warns oil prices could double if the US attacks Iran
November 18, 2007 8:13 am IranChavez warning opens Opec summit, BBC, November 17, 2007
Venezuelan President Hugo Chavez has warned oil prices could double if the US attacks Iran.
Opening the summit of the Organisation of Petroleum Exporting Countries (Opec), he said said the price of crude could reach $150 or even $200 a barrel.
Oil has been hitting record peaks of well over $90 a barrel as markets believe Opec will not boost production.
The Opec summit in Saudi Arabia is only the organisation’s third in 47 years.
Mr Chavez kicked off the summit with a blistering attack on the US.
“If the United States was mad enough to attack Iran or aggress Venezuela again the price of a barrel of oil could reach $150 or even $200,” he said.