The President of Venezuela warns that if the United States attacks his country or Iran, the price of a barrel of oil could double. Hugo Chávez says if there was an attack, oil could reach 200 dollars a barrel. The remarks came during the opening address of OPEC. That's the Organization of Petroleum Exporting Countries.The 12 member nations are meeting in Saudi Arabia for just a third summit in OPEC's nearly 50-year existence. Afterwards, King Abdullah of Saudi Arabia said OPEC has always acted moderately and wisely. Before the meeting got underway, the king greeted leaders including the Iranian President Mahmoud Ahmadinejad and Iraqi President Jalal Talabani. With oil prices at historic high, there is speculation that OPEC will decide to increase production. Cartel officials have said they would likely wait to make a decision until they meet again next month.
|