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:  

Naomi Klein & the Let­down of the Leap Manifesto: Poli­tics Doesn't Trump Physics, Nor the Economics of Collapse (part 2/3)

Politics can be egalitarian when going up Hubbert's Curve, but it's a whole …

Carbon Tracker Analysis: ‘Renewables are Already Outcompeting Fossil Fuels’

Clean technologies are already cheaper, on average, than the incumbent …

Timeline: The Past, Present and Future of Germany’s Energiewende

The Energiewende (energy transition) is an internationally recognised …

The Sower's Way: the Path for the Future

Our paper on "The Sower's Way" has been published in the IOP …

Just 16,000 Catenary Trucks Would Use All of California’s Electricity with only 2400 to 8300 Miles of Overhead Wires

It makes sense to electrify trucks since fuel from oil, coal, and natural …

The Energy-Water Nexus  

Energy and water are inextricably linked: It takes energy to supply water, …

Peak Oil Review - Sept 19 2016

 A weekly roundup of peak oil news, including: -Quote of the week …