King Abdullah of Saudi Arabia speaking at the summit of the Organization of Petroleum Exporting Countries (OPEC) has said oil should not be a tool for war.

"Those who want OPEC to take advantage of its position are forgetting that OPEC has always acted moderately and wisely," Abdullah said on Saturday in a speech immediately following Venezuelan President Hugo Chavez.

"Oil shouldn't be a tool for conflict, it should be a tool for development," he added.

Earlier Chavez warned that oil prices could surge up to USD 200.00 per barrel if any attack is launched against Iran.

The OPEC summit opened Saturday in Riyadh, Saudi Arabia. The heads of states and delegates from the 12 member organization are in attendance.

SG/HAR