Iraq, Venezuela Rally to Weaken U.S.

Iraq, Venezuela Rally to Weaken U.S.
By Natalie Obiko Pearson
The Associated Press

CBNNews.com -- CARACAS, Venezuela (AP) -- Venezuela's Hugo Chavez and Iran's Mahmoud Ahmadinejad - fiery anti-American leaders whose moves to extend their influence have alarmed Washington - said Saturday they would help finance investment projects in other countries seeking to thwart U.S. domination. wires reported Friday that OPEC is discussing holding an emergency meeting later this month to reduce output by another 500,000 barrels a day.

Venezuela and Iran have been leading price hawks within OPEC.

The two countries had previously revealed plans for a joint $2 billion fund to finance investments in Venezuela and Iran, but the leaders said Saturday the money would also be used for projects in friendly countries throughout the developing world.

"It will permit us to underpin investments ... above all in those countries whose governments are making efforts to liberate themselves from the (U.S.) imperialist yoke," Chavez said.

"This fund, my brother," the Venezuelan president said, referring affectionately to Ahmadinejad, "will become a mechanism for liberation."

"Death to U.S. imperialism!" Chavez said.

Ahmadinejad, who is starting a tour of left-leaning countries in the region, called it a "very important" decision that would help promote "joint cooperation in third countries," especially in Latin America and Africa.

It was not clear if the leaders were referring to investment in infrastructure, social and energy projects - areas that the two countries have focused on until now - or other types of financing.

Iran and Venezuela are members of the Organization of Petroleum Exporting Countries, and Chavez said Saturday that they had agreed to back a further oil production cut in the cartel to stem a recent fall in crude prices.

"We know today there is too much crude in the market," Chavez said. "We have agreed to join our forces within OPEC ... to support a production cut and save the price of oil."

OPEC reduced output by 1.2 million barrels a day in November, then announced an additional cut of 500,000 barrels a day, due to begin on Feb. 1. Dow Jones

Ahmadinejad's visit Saturday - his second to Venezuela in less than four months - comes as he seeks to break international isolation over his country's nuclear program and possibly line up new allies in Latin America. He is also expected to visit Nicaragua and Ecuador, which both recently elected leftist governments.

Chavez and Ahmadinejad have been increasingly united by their deep-seated antagonism toward the Bush administration. Chavez has become a leading defender of Iran's nuclear ambitions, accusing the Washington of using the issue as a pretext to attack Tehran. ...
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