Opec leaders meeting at the weekend summit in Saudi Arabia have differed sharply over the group strategy and purpose, but have united in defence of high oil prices. Hugo Chavez, the left-wing president of Venezuela, opened the summit welcoming oil prices at close to $100 a barrel, describing them as "fair". He called for the group to be "an Opec for geo-politics, an Opec for revolution," adding "Opec was born as a geo-political actor, not as an economic or technocratic bloc." He also reiterated his warning that oil could hit $200 a barrel if the US attacked Iran. King Abdullah of Saudi Arabia, the summit's host, gave a very different view of Opec's objectives, saying it was intended to protect both its members' interests and the world economy, and praising the group for acting in a "moderate and wise manner."
The draft declaration also address climate change, in an attempt to show that rising consumption of oil can be compatible with tackling the threat of global warming . King Abdullah on Saturday announced that Saudi Arabia would put up $300m for a new fund for environmental research, and called on other oil producing and consuming countries to contribute.
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