Venezuela's president Hugo Chavez says he believes oil prices could climb eventually to US$90 or US$100 a barrel.

Hugo Chavez says he also is "more or less" in agreement with Saudi Arabia's estimate that in the more immediate future, prices could hover between US$75 and US$80 a barrel.

Oil traded Tuesday above US$62.

Saudi Arabian King Abdullah mentioned the estimate in an interview published Tuesday in a Kuwaiti newspaper.

Chavez spoke in Salvador, Brazil, where he met with Brazilian President Luiz Inacio Lula da Silva. He did not say in what time frame he expected oil prices to climb.

Brazil and Venezuela were unable to close a deal to build an oil refinery in Brazil. Silva said they would try again.

-AP