[Marxism] OPEC May Trade Oil in Euros to Compensate for US Freefall

[Macdonald Stainsby <mstainsby@xxxxxxxxx>]

OPEC May Trade Oil in âuros to Compensate for US$ Freefall
Thursday, Dec 11, 2003          

By: David Coleman - VHeadline.com
Organization of Petroleum Exporting Countries (OPEC) Secretary General, 
former Venezuelan Energy & Mines Minister Alvaro Silva Calderon says the 
oil cartel is seriously considering to abandon the US$ as a trading 
currency and to adopt the âur0 to compensate for the US$'s recently 
plummeting international value.

The plan is to ditch the greenback in one way or another and an alternative 
proposal is to trade international oil in a basket of currencies other than 
the US$, Silva Calderon says in an telephone interview from Vienna 
(Austria) with Venezuelan state news agency, VENPRES.  "There is talk of 
trading crude in âuros ... it's one of the alternatives!"

Arab nations are mindful of the fact that Iraqi dictator Saddam Hussein's 
decision to convert his country's international trading to the âuro may 
have accelerated the US/UK invasion of Iraq but they are somewhat 
strengthened by China's plans backed by similar Russian plans to join the 
âuro as the US currency continues its freefall.

Meeting in Vienna last week, OPEC oil ministers had expressed concern over 
the US$'s demise against the âuro and Japanese Âen where many OPEC members 
nations are more reliant on imports from Europe and Japan than Stateside. 
Washington's crippling trade deficit and fears that the Bush 2 regime is 
printing more banknotes than it can possibly cover, have exacerbated the 
situation.

The US$ has just hit a new low against the âuro with the European common 
currency reaching US$=â1.2276 in a 3-year low also against the Âen at 
107.19 ... Saudi oil minister Ali Naimi says last week's decision to keep 
its target output ceiling stable at 24.5 million barrels a day was partly 
due in part to the weakening dollar.

Original article: VHeadline
--
Macdonald Stainsby
http://lists.econ.utah.edu/mailman/listinfo/rad-green
In the contradiction lies the hope
                --Brecht.



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