Venezuela’s Chavez says oil headed for $100 per barrel

Venezuela’s Chavez says oil headed for $100 per barrel
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First Published: Mon, Aug 13 2007. 08 51 AM IST
Updated: Mon, Aug 13 2007. 08 51 AM IST
Caracas: World oil prices are headed for $100 per barrel, Venezuelan President Hugo Chavez predicted on 11 August 2007, and said he will cut supplies to the US if the US government “attacks” the South American nation again.
“I’ve always said that oil prices are headed straight to $100 per barrel,” he said during a televised speech. “We should prepare ourselves for those prices of one hundred dollars.”
Chavez said high oil prices were the sign of a “global crisis” in energy caused by voracious consumption that has vastly reduced available oil reserves.
Chavez has accused the US of plotting a bungled coup that ousted him for two days in 2002, though Washington denies the accusations, and has repeatedly made conditional threats to cut off oil sales to the US that historically account for 12 to 15% of US imports.
“No one should think that we’re going to stop sending oil to the US, no -- unless they attack us again,” Chavez said during a speech to leaders of Caribbean nations meeting in Caracas for an energy summit.
“If they attack us again like they did in April of 2002 ... there will be no oil.”
Venezuela hosted the Caribbean leaders on 11 August who had come for the third meeting of the Petrocaribe accord, an agreement Venezuela launched in 2005 to provide oil and fuel on advantageous terms to Caribbean countries.
Participants such as Jamaica and the Dominican Republic are offered soft financing terms and the possibility to pay their bills in-kind with products like bananas and nutmeg.
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First Published: Mon, Aug 13 2007. 08 51 AM IST
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