The price of oil could drop to between $70 and $80 a barrel if the dollar strengthens and concerns over Iran are reduced, OPEC chief Chakib Khelil said.
“If the dollar strengthens and if the crisis with Iran is resolved, the trend in oil prices should be to go towards $70 to $80,” the head of the Organization of Petroleum Exporting Countries said on the sidelines of a conference.
Khelil is also Algeria’s Energy Minister.
Oil prices ended the week at around $125 a barrel in London and New York. Crude oil prices have dropped by nearly $25 on both sides of the Atlantic in less than two weeks.
(AFP & Daily News)