Sep 16 2005 10:32:10:893AM
Caracas, Venezuela - World oil prices will keep climbing, and could reach US$100 a barrel, because members of the Organisation of Petroleum Exporting countries are pumping near capacity, Venezuelan President Hugo Chavez said on Thursday.
"Opec is practically already at its production ceiling," Chavez told reporters at a UN summit in New York.
"The price of a barrel of crude is going to continue climbing," he said, adding that it could top US$100 a barrel.
"The problem is the oil reserves are running out," said Chavez, whose comments were carried by Venezuelan state television. "It is a true crisis."
Venezuelan Oil Minister Rafael Ramirez said late on Wednesday that he does not expect Opec to increase oil production because few member countries have the capacity to boost output.
"All the countries are producing at the maximum (level)," Ramirez told the state-run Bolivarian News Agency.
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