Ahmadinejad predicts oil at $150 a barrel

TEHRAN:Iranian President Mahmoud Ahmadinejad has predicted that crude prices will increase in future 150 dollars a barrel due to "political circumstances" rather than market factors.

"The political circumstances decide the price ... not those of the market," Ahmadinejad, whose nation is the current president of the Organization of Petroleum Exporting Countries (OPEC) told reporters at a news conference.

"You asked me if I think prices will rise Yes, oil prices will increase. I think in time it can reach about 150 dollars (per barrel),"he said without further details.

Iran is OPEC's biggest exporter of second.

Oil prices climbed steadily in recent months, on Monday pushing above $ 108 a barrel of light sweet crude benchmark. (AFP)