The price of crude oil should be stabilized at 100 U.S. dollars per barrel, visiting Venezuelan President Hugo Chavez said Thursday.
After meeting with Portuguese President Anibal Cavaco Silva, Chavez said it was necessary to find a "degree of stabilization" for oil prices.
"If it stabilizes at 100 dollars per barrel, I think is right," he said.
Venezuela, a member of the Organization of Petroleum Exporting Countries (OPEC), does not want a higher price than that, he added.
One barrel of crude oil cost only 7 dollars when he first came into office 10 years ago, Chavez pointed out.
Speculation is one of the factors causing oil prices to go up as far as 147 U.S. dollars, he said, but the market "has been seeking to stabilize the price level" in recent days.
Crude oil was traded at some 125 dollars per barrel Thursday, as harp drop from a record 147.27 dollars on July 11.
Chavez arrived in Portugal Wednesday as part of his European tour, after visits to Russia and Belarus. He will next travel to Spain.
Source:Xinhua
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