Iran sees oil at 150 dollars a barrel this summer

TEHRAN, June 8, 2008 (AFP) – The price of crude oil is set to rise even further to 150 dollars a barrel by the end of summer, Iran’s representative to the OPEC oil cartel warned on Sunday. “I foresee the price of oil reaching around 150 dollars a barrel by the end of the summer,” the state broadcaster’s website quoted Mohammad Ali Khatibi as saying.

His comments came after New York’s main oil futures contract, light sweet crude for July delivery, on Friday leapt 10.75 dollars a barrel — its biggest one-day jump ever — to close at a record 138.54 dollars.

The rise was partly fuelled by a warning by an Israeli minister about a possible military strike on Iran over its contested nuclear programme.

But Khatibi said that he believed that prices might fall back slightly in the short term after the 10 dollar leap registered on Friday.

“The single-day jump of some 10 dollars is not stable and we must wait for markets to reopen tomorrow (Monday) to see what the price will be.”

Iran, OPEC’s number two exporter and the fourth biggest worldwide, has rejected calls from oil consuming nations for a hike in the output quota of the cartel, saying the high prices are not driven b