SAUDI ARABIA: OPEC leaders meet to discuss global warming and oil prices

OPEC leaders meet to discuss global warming and oil prices. Venezuelan President Hugo Chavez said on Saturday (November 17) that oil prices could more than double to $200 per barrel if the United States attacked Iran over a standoff about Tehran's nuclear programme. Chavez told an OPEC summit in the Saudi capital Riyadh that $100 per barrel was a "fair" price for oil. Oil has lapped against the $100-mark this month, prompting consumer nations to call on the exporter group to help ease price pressure by providing the market with more crude. On Friday (November 16), Saudi Arabia objected to an attempt by Iran and Venezuela to highlight concern over the dollar's weakness in the summit communique and the group voted the proposal out. Saudi Arabia's King Abdullah, who chaired the meeting, was heard after the 25-minute lecture by Chavez as saying to him: "You went on a bit!" Venezuela is a price hawk and holds some of the largest reserves outside the Middle East and is the No. 4 U.S. supplier. During the meeting, top world oil exporter Saudi Arabia said it will give $300 million for research into helping the environment by lowering emissions. The idea of funding research into ways to curb emissions while allowing the continued use of fossil fuels has been floated in forums ahead of the summit. Iran's President Mahmoud Ahmadinejad was also at the summit. During an earlier trip to Bahrain, Ahmadinejad played down the prospect of war with the United States, but said the Islamic Republic was ready to respond if it was attacked. Ahmadinejad was speaking during a visit to Bahrain which came amid mounting concerns in the Gulf that the United States could launch military action against Iran, although Washington says it is committed to a diplomatic solution to a crisis over Tehran's nuclear ambitions.

ITN Source | November 18, 2007

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