International   

“Attack on Iran will double oil prices”

RIYADH (Saudi Arabia): Venezuelan President Hugo Chavez warned the Unites States on Saturday that oil prices could more than double if Washington attacked his country or Iran — part of a provocative opening address here to a rare summit of the Organisation of Petroleum Exporting Countries (OPEC).

The Venezuelan leader also appealed to fellow members of the OPEC to join his crusade for social justice, saying the group should be “at the vanguard in the fight against poverty.”

Minutes later, Saudi Arabia’s King Abdullah, the conservative head of the world’s largest oil exporter, appeared to rebuke the Leftist President by insisting, “OPEC has always acted moderately and wisely.”

“Oil is an energy for development, it should not become a tool for conflict and emotions,” said King Abdullah, a strong U.S. ally.

The King also sought to head off Mr. Chavez’s attempt to reshape OPEC in his socialist image, saying the organisation “has not overlooked its responsibilities to developing countries and poverty alleviation.” The OPEC summit opened on Saturday in Riyadh with heads of states and delegates from 13 of the world’s biggest oil-producing nations. It was the third OPEC summit since the organisation was created in 1960.

Mr. Chavez used his position as the summit’s opening speaker to further his face-off against the U.S. “We are witnessing constant threats against Iran,” Mr. Chavez said.

“If the United States attempts the madness of invading Iran or attacking Venezuela again, the price of oil is probably going to reach $200, not just $100,” Mr. Chavez said. — AP

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Budget vote worries Rajapaksa regime
Kosovo leader threatens to declare independence
China backs ASEAN on Myanmar
“Attack on Iran will double oil prices”
Barred television channels hopeful of solution
Jemima leads protest against Musharraf
80 killed in Shia-Sunni clashes
Lashes for rape victim
Thomas Bata honoured

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu