The Organization of Petroleum Exporting Countries (OPEC) has little chance of maneuver in order to lessen oil prices because political tension, particularly in Iran, governs the market, Venezuelan Minister of Energy and Petroleum Rafael Ramírez reasoned.

Ramírez told Reuters that he had cautioned the Venezuelan Government that oil prices could skyrocket at least USD 100 / barrel. This could happen if there is perception in the market of a potential US incursion into Iran due to its attempts at advancing its nuclear program.

"OPEC can do very little concerning oil prices. We have pointed to the stress caused by the geopolitical pressure exerted on Iran," the minister said on leaving a meeting held with the presidents of Argentina, Bolivia, Brazil and Venezuela.