OPEC agrees to study dollar concern: Iran [View All]

Source: AFP

OPEC agrees to study dollar concern: Iran 11 minutes ago



RIYADH (AFP) - Iran said Sunday that an OPEC pledge to increase financial cooperation between members meant the 13-member oil exporters group would study the issue of pricing oil in the falling US dollar.


OPEC's final summit declaration on Sunday made no explicit mention of concern about the weak US currency -- which number-two exporter Iran had sought -- with a plan to increase financial cooperation the only recognition of the idea.

"It is great that the finance ministers will study the subject more... and get a consensus," Oil Minister Gholam Hossein Nozari told reporters.

The OPEC statement said simply that the cartel would "study ways to increase financial cooperation between OPEC member countries, including a proposal by some heads of state" without giving more details.



Read more: http://news.yahoo.com/s/afp/20071118/bs_afp/oilopecsummitforexdollar_071118160042

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earlier thread:

Divided OPEC meets for summit(a private meeting mistakenly broadcast to journalists revealing spat)
RIYADH (AFP) - OPEC heads of state converged on Riyadh for a rare summit opening Saturday with the organisation divided over the falling US dollar and attempts to give a political impetus to the oil-exporting cartel.

In a gaffe late Friday, a private meeting of ministers from the 12 members of the cartel was mistakenly broadcast to journalists, revealing a spat between Saudi Arabia and anti-US members Iran and Venezuela about the waning US currency.

Journalists witnessed Iran request that the final declaration to be issued by OPEC leaders at the end of the summit on Sunday express the concern of member states about the falling US currency and its impact on oil revenues.

Reacting to the proposal, which was backed by Venezuela, Saudi Foreign Minister Prince Saud al-Faisal warned against mentioning the US currency.

"There are media people outside waiting to catch this point and they will add to it (exaggerate) and we may find that the dollar collapses," Prince Saud said.


more:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3069467