Chavez in a statement following a summit between South-American and Arab countries yesterday said that the reason behind the imminent crisis is the massive oil consumption of the US and developed countries.
Oil production has peaked, said the Venezuelan president, and cannot increase to match the rising demand, which will lead to a crisis.
Chavez, whose country is the world’s fifth largest crude oil exporter, said that all OPEC members were “producing at full steam”.
“There’s a worldwide energy crisis around the corner,” Chavez told reporters at the end of the first Summit of South American-Arab Countries in Brazil.
“Especially because the US and other developed countries, but more so the US, have built a way of life based on the wasteful consumption of oil, which is non-renewable.”
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