The Energy Commissioner of the European Union Andris Piebalgs says Global oil prices may reach 200 dollars per barrel in three years.

"When I arrived at the European Commission in 2004, a barrel of oil cost 52 dollars. It has doubled in three years. We can't rule out that in 2011 it will be at 200 dollars," Piebalgs told business daily El Economista.

"What I am saying is, in part, a joke, but it shouldn't surprise us," he said, recalling that when US bank Goldman Sachs predicted oil would reach 100 dollars three years ago, everyone took it as a joke.

Oil prices struck a record-high 103.95 dollars per barrel on Monday as the dollar reached an all time low against a number of currencies.

MK/HGH