Oil to hit $200 a barrel: Chavez

President Hugo Chavez of Venezuela has warned of an oil price of $200 a barrel should the US make war on Iran, report international new agencies. Chavez's declaration came at the third OPEC summit held in Riyadh earlier this week. Chavez also urged the cartel to use its power over oil supplies as a tool for political action. Saudi Arabia's King Abdullah bin Abdulaziz, however, disagreed urging that oil should be used for construction and not conflict. President Mahmoud Ahmadinejad of Iran also commented that he did not regard war between the US and Iran as likely, although both sides are becoming increasingly bellicose and are carrying out naval activities in the Persian Gulf. OPEC members have made a commitment to "securing the efficient, economic and regular supply of petroleum to consumers". Oil production levels will be discussed at an OPEC meeting in Abu Dhabi on 5 December.