GO
Loading...

Venezuela's Chavez Says Oil Could Reach $300

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.

"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 contrasted with his Saturday statements that geopolitical tensions, particularly the threat of an invasion against Iran, could push oil prices to $200 per barrel.

"Years ago I said oil was going to go to $100 per barrel, now it looks like it is headed toward $200," he said.

Contact Oil and Gas

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More