Thursday, September 16, 2004
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
News Poll
- College student duped into having sex with ‘medium’
- Beaten by his wife — and he loves her
- Direct selling the biggest grouse for consumers
- Newlywed who gave birth faces legal action
- Many unaware pensioners losing out on benefits
- Transvestite may face action if he returns
- Supermodel finalists to strut their stuff with pearls
- MPs: Stepping on photos of people not Asian culture
- Robbers shoot dead construction firm MD and his manager
- Government planning to end sugar subsidy to promote healthy living
- Many unaware pensioners losing out on benefits
- College student duped into having sex with ‘medium’
- Beaten by his wife — and he loves her
- Direct selling the biggest grouse for consumers
- No more ‘small packs’ soon
- Transvestite may face action if he returns
- Schools can formulate their own language exams, says D-G
- Government planning to end sugar subsidy to promote healthy living
- Newlywed who gave birth faces legal action
- MPs: Stepping on photos of people not Asian culture
RSS
