Iranian President Mahmoud Ahmadinejad predicted on Monday that the price of crude oil will increase in future to $150 a barrel due to "political circumstances" and not market factors. "The political circumstances are deciding the prices ... not the market ones," Ahmadinejad whose nation is the current president of the Organisation of Petroleum Exporting Countries (Opec) told reporters at a news conference.
"You asked me if I think the prices will increase? Yes the price of oil will increase. I think in a time frame it can reach around 150 dollars (a barrel)," he said without elaborating. Iran is Opec's second largest oil exporter. The oil price has soared steadily in recent months, on Monday nudging above $108 per barrel of benchmark light sweet crude. 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, another Opec member.
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