Venezuelan Energy Minister Calls For Oil Sales In Currencies Other Than US Dollars - AFP

Venezuela is calling for oil to be sold in other currencies besides the U.S. dollar because of the greenback's declining value. "The dollar has devalued and it is distorting the oil market because there is a financial crisis knocking on the U.S. door," Venezuelan Energy Minister Rafael Ramirez said in an interview with Venezuelan state television Tuesday. "The oil price is $100 a barrel. But what dollar are we talking about? It's a dollar that makes you laugh," he said.

The remarks by Ramirez follow Venezuelan President Hugo Chavez's recent remarks about the "fairness" of a barrel of oil being priced at $100 on the world market. Speaking at the OPEC Conference in Saudi Arabia earlier this month, Chavez told members of the Organization of Petroleum Exporting Countries that the cartel should no longer trade in U.S. dollars, saying that "with the fall of the dollar, the deviant U.S. imperialism will fall as soon as possible."

Chavez's remarks are not new; the Venezuelan president often publicly criticizes U.S. policy, though the United States is by far Venezuela's best customer.

His latest comments, however, come as Venezuelans prepare to vote in a referendum on numerous constitutional reforms that, if approved, would give him greater executive authority to use the country's oil revenue to fund his social agenda. Among the 69 "reforms" proposed is an end to presidential term limits.

EDIT

http://www.energy-daily.com/reports/Analysis_Venezuela_nixes_dollars_for_oil_999.html