Iranian official: Oil price may reach 500$ per barrel

The price for a barrel of oil may reach even 500 dollars, in case the US Dollar depreciation continues and the political tensions still deepen, an Iranian official within OPEC, Mohammad Ali Khatibi, declared for an Iranian newspaper.

Asked whether the oil price will reach 200$ per barrel during the following two-three years, Mohammad Ali Khatibi answered that „In case the dollar continues to depreciate, and the political tensions continue to deepen, the oil price may even reach 500$ per barrel”, the Shahrvand-e Emrooz magazine notes.

The oil price decreased 2 dollars on Friday, reaching a new minimum for the past two weeks. The decrease comes along with a general decreasing demand for crude oil, caused by a lower demand for the increasingly expensive fuel.