Following execution of seven memoranda of intent between Algeria and Venezuela, President Hugo Chávez insisted that oil prices would climb to USD 100 per barrel.

The Venezuelan ruler underscored that mounting oil prices are the result of the imperialist pressures. "If the United States continues to threaten or destabilize" oil exporting countries, then high prices will continue to prevail in world markets.

Chávez seized the opportunity to "ask him (US President George W. Bush), for God's sake and on behalf of all the peoples around the world, to order immediate withdrawal of the troops who are occupying Iraq, who are slaughtering this Arab people, this brother, noble and wise people."

"The US President threatened with atomic bombs. He is threatening with a Third World War. This shows he should be admitted in a mental hospital," Chávez said.

In his view, "oil prices will continue to ascend, not only because of the empire's pressures and destabilization by the imperialist force in some oil countries, but also because of some natural factors: stocks are down, consumption goes up."

Another element he pointed to was "the Organization of Petroleum Exporting Countries' efforts" to strengthen and restore oil prices.