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TEHRAN, July 26 (Reuters) - Iran's OPEC governor said worldoil prices could reach as high as $500 per barrel in a fewyears' time if the U.S. dollar falls further and politicaltension worsens, an Iranian weekly said.
"If the dollar's value continues to decrease and if thepolitical crisis becomes worse, the oil price would reach up to$500," Mohammad Ali Khatibi told Shahrvand-e Emrooz in aninterview published on Saturday.
He was asked about predictions that oil prices could reachup to $200 per barrel in the next two or three years.
Oil dropped $2 to a fresh seven-week low on Friday,extending a decline that has knocked more than $24 off crude intwo weeks as high fuel prices continue to batter demand.
Crude prices reached an all-time peak of $147 earlier thismonth.
Khatibi also said oil exports from the whole Middle Eastregion would be at risk if the Islamic state came under anymilitary attack over its disputed nuclear programme.
"If there is another war in the region, it will not only beIran's oil not reaching the market, but rather the oil of thewhole region would be cut from the market," Khatibi said.
"In that case, we will not have a price rise. We will have aprice explosion." Continued...
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