Reply #3: OPEC´s Silva: OPEC evaluating trading in Euros (LOOK OUT!) [View All]

[ozymandius]

I saw this in the LBN forum. The dollar significance meant that I just had to post it here. This has been reported by different news sources.

http://www.petroleumworld.com/storyT1127.htm

OPEC´s Secretary General Alvaro Silva said Monday to Venezuelan news agency Venpress that OPEC is evaluating trading oil in euros or a basket of currencies other than the dollar to compensate for the recent decline of the US currency.

Silva, who is to hand over his OPEC post on Jan. 1. said that traiding in euros is just an alternative.

"There is talk of trading crude in euros - it is one of the alternatives," Silva told the Venpres.

This week there is talk on the markets that, the opinion of some OPEC ministers expressed last week concerning the decline in the value of the dollar that eroding their purchasing power, might prompt the OPECat the next meeting to reduce futher production, despite the price this week that has been in the upperside of the price band mechanism.

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