Oil Will Cost $150: Hugo Chavez

Venezuela's president had opened the OPEC summit with a warning that oil prices could double if the US attacked Iran.

Venezuelan President Hugo Chavez said the price of crude could reach $150 or even $200 a barrel.

The fall of the dollar, which has weakened considerably against the euro and other currencies in the past 12 months, has affected the revenues of Opec members because most of them price and sell their oil exports in the US currency.