Venezuela's Chavez says oil could reach $US300
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Venezuelan President Hugo Chavez says oil prices could hit $US300 per barrel if US oil company Exxon Mobil again freezes Venezuelan assets in a dispute over a nationalised oil project.
Exxon won court orders freezing $US12 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 Mr Chavez said the company could seek further action against Venezuela.
"If they freeze us there will be no more oil for the United States, and the price will go to $US300," Mr Chavez said.
He also said oil prices were being influenced by a "speculative bubble", the collapse of which could send prices as low as $US70 per barrel.
This contrasted with his statements on Saturday that geopolitical tensions, particularly the threat of an invasion against Iran, could push oil prices to $US200 per barrel.
"Years ago I said oil was going to go to $US100 per barrel, now it looks like it is headed toward $US200," he said.
- Reutrers
