OPEC- Oil At Record High US Dollar To Blame

Paris- In an interview with a French television last Thursday, OPEC President Chakib Khelil estimated that crude oil prices could reach $150 to $170 a barrel in the coming months, but unlikely to hit $200 before the end of the year. A week later and a day before the US independents day, crude oil prices hit another record high of $145 a barrel. Up $10 from when the statement was made last week and up 50% from the beginning of the year.

Although mainstream media continues to report the rising crude oil prices are a result of oil production in Saudi Arabia or the tension in the Middle East, OPEC President when on to say rising crude oil prices are a result of the devalued US dollar. ”You can see, every time the dollar strengthens, there is a fall in prices,” he said. When asked whether OPEC could change its stance against increasing supply at its next meeting on September 9, he said: “Yes, of course, we will review the situation of the market, based on demand. If there is real demand on the market, OPEC will take the necessary measures to satisfy that demand.”

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