PARIS (AP) -- Crude oil prices will likely rise to between $150 and $170 a barrel this summer, OPEC President Chakib Khelil was quoted as telling a French television station.
Khelil, in an interview with France 24, said much would depend on the European Central Bank's policy on the euro, as well as whether the West puts more pressure on major oil producer Iran over its contested nuclear program.
"I foresee prices probably between $150 and $170 this summer," Khelil was quoted as saying in an interview transcript made available Thursday. "That will probably decline a bit toward the end of the year."
Oil futures rose sharply almost immediately after Khelil's comment, along with emerging reports that Libya may cut oil production.
Light, sweet crude for August delivery rose as high as $138.95 a barrel shortly after the New York Mercantile Exchange opened before retreating some to trade up $2.50 at $137.05.
Asked if prices might reach $200 a barrel, Khelil was quoted as saying, "I don't think so."
Khelil said the Organization of the Petroleum Exporting Countries would reevaluate its hands-off attitude to rocketing prices at September's OPEC meeting.
"If there is real demand in the market, OPEC will take the measures necessary to satisfy this demand," he said. Khelil blamed a drop in the value of the dollar as the No. 1 problem contributing to high prices.
"You can see it, every time there is a strengthening of the dollar, there's a drop in prices," he said.