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Latino Daily News

Sunday January 16, 2011

Venezuela, Iran and Libya See No Problem with $100+ a barrel for Oil, So Gas Prices Expected to Rise

Iran has joined fellow OPEC members Venezuela and Libya saying they see no need to raise oil supplies to rein in crude price that are nearly $100 a barrel, so U.S. consumers can expect to feel more pain at the pump.

Iran doesn’t see the need to call for an emergency meeting of OPEC, as some are demanding even if crude barrel prices reaches $110 to $120.

Venezuela was one of the first OPEC member to note that the $100 was a “fair value”, a sentiment that was supported by Libya. The current price hovering around $99 is the highest price in these last 27-months.