Chavez wants $100 oil

Egypt News.Net
Friday 25th July, 2008

President Hugo Chavez of Venezuela has said he wants to see oil stabilize at around one hundred dollars a barrel.

In Spain for a visit, President Chavez said: 'No one, no one, thought that oil could come near 150 dollars a barrel in such a short time. It was unthinkable six months ago; now it should stabilize.'

Last year Chavez warned oil prices would jump to 200 dollars a barrel if the United states invaded Iran and earlier this month he warned that prices could reach 300 dollars a barrel if US oil giant Exxon again froze Venezuelan assets in a dispute over a nationalised oil project.

Chavez blamed the flow of speculative funds into the oil market for the surge in prices and encouraged Spain to invest in Venezuela's oil sector so it could boost output and bring down prices.

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