Venezuelan President Hugo Chávez said Friday that oil prices are on their way to USD 100 per barrel.
"Nobody can stop soaring oil prices because it is something scientific in nature," said Chávez during an impromptu press conference in a Managua hotel, Efe reported.
He noted that current oil prices are around USD 70.
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http://english.eluniversal.com/2007/07/20/en_eco_art_chavez-certain-about_20A902531.shtml.......
Goldman Sachs Groups, one of the world's largest global investment banks, reported last month that oil rates could surpass $95 a barrel by the end of 2007, confirming Chavez's claim.
The decline of America's energy supplies, production disruptions in Nigeria and OPEC's denial to increase its output are among key factors influencing the rise in oil prices.
The OPEC, which is determined to safeguard the interests of its members, has yet to decide whether to increase its production to stabilize the market or not.
http://www.presstv.ir/detail.aspx?id=18348§ionid=3510207
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