In his opening remarks at the OPEC summit in Saudi Arabia Venezuelan President Hugo Chavez attacked the U.S. by stating, "If the United States was mad enough to attack Iran or aggress Venezuela again the price of a barrel of oil could reach $150 or even $200."
Chavez further stated that "[t]he basis of all aggression is oil. It is the underlying reason."
OPEC officials have stated that they will not make decisions at this meeting on whether production will increase and that that decision will be made by the energy ministers at their meeting next month.
Concerns still abound on the weak U.S. dollar but OPEC members feel that it is no longer a concern as long as oil prices stay high.
This is only the third summit held by OPEC in its 47 year history.
OPEC Publication World Oil Outlook 2007
Someone finally speaks the truth...
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