Monday, July 14, 2008
Venezuelan President Hugo Chavez said on Sunday oil prices could hit $300 per barrel if U.S. oil company Exxon Mobil again freezes Venezuelan assets in a dispute over a nationalized oil project.
Exxon won court orders freezing $12 billion in assets held by Venezuelan state oil company PDVSA after the OPEC nation took over a multi-billion dollar oil project, heightening tensions with the United States and helping to raise oil prices.
A London court later overturned Exxon’s temporary asset freeze, but Chavez said the company could seek further action against Venezuela.
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“If they freeze us there will be no more oil for the United States, and the price will go to $300,” Chavez said during a televised meeting with Caribbean and Central American leaders as part of an energy cooperation scheme called Petrocaribe.
Chavez also said oil prices were being influenced by a “speculative bubble”, the collapse of which could send prices as low as $70 per barrel.
This article was posted: Monday, July 14, 2008 at 4:51 am