Current OPEC President Chakib Khelil is predicting that the price of oil may rise as high as $170 a barrel before the end of the year, citing further declines in the U.S. dollar and increased political conflicts. Khelil stated in a telephone interview that U.S. demand for oil increases during the summer months; however, OPEC continues to state that oil output is sufficient. OPEC is unlikely to raise its oil output, despite Saudi Arabia's move to increase its output. In fact, Libya announced that it is looking at possibly cutting its production stating that the market is oversupplied.