The oil market is supplied with enough crude.

This is the view of the group’s secretary-general, Abdullah al-Badri, expressed on Saturday during a visit to Iran.

“Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar’s value, shortage of refinery capacity and some political tensions in the world,” said a-Badri, according to the Iranian state news agency.

The oil price could hit $160 a barrel as soon as next week. At least, that’s what ‘Zapata’ George Blake, the Texan oil analyst, reckons.‘Zapata’ George has a habit of making bold calls that often seem to be proved right.