Oil price to hit $150-170 in coming months

The president of OPEC, Algerian Energy Minister Chakib Khelil, predicted on Thursday that oil prices would rise to $150-170 a barrel during the northern hemisphere summer. Khelil insisted on Tuesday that oil producers saw no need to raise supply, blaming high prices on factors outside their control such as US pressure on Iran and the weak US dollar. Speaking after talks with European Union nations, Khelil said the cartel of oil states believes it is pumping enough oil to supply current demand and has stocks and extra capacity to spare. Khelil said prices in the next few weeks depend largely on how the US deals with Iran and the strength of the US dollar. The US, supported by the European Union, wants Iran to permanently halt uranium enrichment, a technology that can give Iran the capacity to produce materials for a nuclear bomb if it wanted. Iran denies that, saying it only wants to produce energy.