OPEC oil attributes the decline to the decrease of Iran tensions

Chakib Khalil the president of the Organization of Petroleum Exporting Countries (OPEC), said that the tension on the Iranian nuclear program, the main factor in the decline in oil prices recently, not a change in supply and demand.

Khalil told reporters in Algiers on Saturday that there was a rise in global demand for oil could remain volatile market, adding that the rise in the dollar recently helped a retreat in oil prices.
He expected oil prices to drop to between seventy and eighty dollars per barrel in the event strengthened the U.S. dollar and the settlement of the nuclear crisis between Iran and the West.
The market expectation that it will not happen attack on Iran, in a reference to tensions between Iran and the United States because of Tehran nuclear programme. He also ruled out the demand for oil decline or collapse, pointing out that this also applies to the offer. Oil prices fell to levels lower yesterday with investors wondered whether the pacification phase in prices reflects a decline in demand.