ERHC Energy Inc (ERHE)

[RubyMartin]

Attack on Iran May Push Oil Price to $200’
11.19.2007

Venezuela President, Hugo Chavez, has warned against invasion of Iran by the United States of America. He said the current surge in crude oil price could drive it to $200 barrel should America decide to attack Iran over its Nuclear programme.
Speaking at the Third OPEC Summit in Riyadh, Saudi Arabia, Chavez said if the United States launches an attack on Iran or commit any aggression against Venezuela "oil price would not be $100 per barrel but $200".
The current price of $100 per barrel, he said, is fair enough. According to him, oil had lapped against the $US100-mark this month, prompting consumer nations to call on the exporter countries to help ease price pressure by providing the market with more crude.
He said OPEC should be a more active geopolitical agent that should demand more respect for its member countries by preventing more powerful countries from threatening the organisation.
An attempt by Iran and Venezuela to highlight concerns over the dollar's weakness at the summit was however rebuffed by other members of the group who voted the proposal out.