OPEC President: Oil at $150-$170 in near term

The good news is that he doesn't think $200 oil is coming soon. The cheap dollar position by Bush is coming home to roost.

"I forecast prices probably between $150-170 during this summer. That will perhaps ease towards the end of the year," he told France 24 television, according to a text of the interview released by the station.

The comments came as crude prices neared $135 per barrel, after rising about 40 percent this year.

Khelil said he doubted prices would climb as high as $200.

"I think that the devaluation of the dollar against the euro, if everything goes as I think it will, will be of the order of perhaps 1-2 percent and this will probably generate an $8 rise in the price of oil," he said.