Texas oil billionaire T. Boone Pickens on Monday reiterated his prediction that crude oil prices would hit $75 a barrel this year as producers scale back production.

Pickens said about OPEC producers: They told you they want $75 by the end of the year, I would count on that, I believe them.

OPEC has scaled back output to help support crude prices, which have dropped from record highs over $147 a barrel in July to around $47 a barrel on Monday.

(Reporting by Timothy Gardner; Editing by John Picinich)