Building a world of
resilient communities.

MAIN LIST

 

Venezuela says oil prices could hit $100 a barrel

MANAUS, Brazil (AP) - The war in Iraq could push oil prices to a record US$100 a barrel, Venezuelan President Hugo Chavez said Wednesday.

"This war is a powder keg,'' said Chavez, after meeting with Brazil's President Luiz Inacio Lula da Silva. "It could take the price of a barrel to US$100. I hope it doesn't.''

High oil prices have been a boon for Venezuela, the world's fifth-largest oil producer.

Brazil is a net importer but nearing self-sufficiency.

Chavez declined to comment on OPEC's decision to raise output by 1 million barrels a day.

The Organisation of Petroleum Exporting Countries is to increase production to 27 million barrels a day as of Nov. 1.

Earlier, Chavez said Venezuela didn't plan to raise its own production, now at 2 million barrels a day. He said world markets were "oversupplied.''

Chavez spoke with Silva after a meeting of business leaders in this city deep in Brazil's Amazon jungle.

The agenda included bilateral matters and the incorporation of Venezuela as an associate member of Mercosur, the trading bloc comprised of Brazil, Argentina, Paraguay and Uruguay.

Silva congratulated Chavez for his political victory in a recent referendum that could have shortened his presidential term, which runs to 2007.

"Now, no doubts remain about the Venezuelan democratic system,'' Silva said. Brazil was a key ally of Chavez, a left-wing populist, as he struggled to quell attempts to remove him from power.

"The worst is behind us,'' Chavez said. - AP

Latest business news from AP-Wire

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Evidence Released at TransCanada’s Keystone XL Permit Renewal Hearing Sheds Light On Serious Pipeline Risks

Just because TransCanada continually states that the Keystone XL pipeline …

Peak Oil Notes - July 30

Much of the news that will eventually move oil prices came on the …

Higher-risk 'Shallow Fracking' More Common than Suspected: Study

The fracking of oil and gas less than a mile from aquifers or the Earth's …

Shale Gas Reality Check

Recently, the EIA released its Annual Energy Outlook 2015 and so we asked …

The Community Energy Revolution

Impact investing is investing to achieve a return in something you also …

Peak Oil Review - July 27

A weekly review including Oil and the Global Economy, The Middle East & …

Energy Crunch - Green taxes: love or hate?

Green taxes have been under attack on all fronts lately.