Opec warns oil prices could rocket to $500 a barrel

The nightmare scenario of oil reaching $500 a barrel within a few years was raised at the weekend by a member of OPEC’s governing council.

It would mean a fourfold increase from current prices and ends any hope the ECB has of getting inflation under control.

Such a rise would also pose a serious threat to economic growth in oil importing countries.

Iran’s OPEC governor Mohammad Ali Khatibi has warned oil prices could reach as high as $500 per barrel in a few years’ time if the US dollar falls further and political tension worsens.

BelfastTelegraph