Ahmadinejad forecasts oil at $150

April 6, 2011 - 0:0

TEHRAN - President Mahmoud Ahmadinejad has said that oil prices will reach $150 per barrel and the current crude prices were ""not real"".

""The political circumstances are deciding the prices ... not the market ones,"" Ahmadinejad told a press conference in Tehran on Monday.
Iran is OPEC's second biggest crude producer after Saudi Arabia.
OPEC, which comprises 12 nations and holds more than three-quarters of the world's proven oil reserves, is divided on the need to increase output in order to curb price increases linked to the turmoil in the Middle East including Libya.
A popular uprising in Libya has shut down almost all of the country's 1.6 million barrels per day (bpd) of oil production, prompting Saudi Arabia to boost crude output to try to compensate for the loss and rein in oil prices, Reuters reported