Oops! Saudi Foreign Minister: Mentioning US Dollar In OPEC Report Would "Aid Its Collapse" - Forex

[hatrack]

RIYADH (Dow Jones)--Saudi Arabia Foreign Minister Prince Saud al-Faisal Friday advised ministers from the Organization of Petroleum Exporting Countries not to mention the dollar in their final communique, saying it could further weaken the already-battered currency. In comments broadcast on a live television feed from a closed-session meeting of foreign, oil and finance ministers from OPEC countries, al-Faisal said: "We shouldn't mention the dollar because that would only endanger it more and aid its collapse."

Saudi security personnel later shut down the live feed when they realized journalists were watching what was supposed to be a closed and confidential meeting. Saudi Arabia is hosting the OPEC Heads of State summit here this weekend.

Al-Faisal's comments come after Nigeria's finance minister joined Angola and Iraq in saying they're considering moving part of their $80 billion currency holdings out of the dollar and into other currencies such as the Euro.

EDIT

Al-Faisal, who was chairing the meeting in Riyadh, said Iran was pushing for a statement saying that OPEC countries were concerned about the continued depreciation of the dollar. Venezuela also was in favor of Iran's proposal. He said that Iran should present its proposals to finance ministers separately for discussion. "I am going to ask the foreign minister of Iran to leave this issue to the concerned parties to study and these parties are the finance ministers, but this should happen without mentioning the assignment in the communique." He warned that if the mention appeared in the communique, "there's going to be a bad reaction to it and the dollar could collapse."

EDIT

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=be4a8908-2775-42cd-bdee-d6a7cba95e3e

[gasperc]

1. hmm, yes, let's trust our friends in Saudi Arabia

we're fucked

[TomInTib]

2. So, it's just a matter of time eh?

Is there anything on the horizon can can stop this fall?

If the state of the dollar is so precarious that mere mention could cause a collapse, then we are in for some serious trouble.

KnR

[DCKit]

3. What message are they trying to send and to whom?

No way in hell Saudi security suddenly becomes incompetent and no excuse for reporters to be present to monitor a closed session.

Another case of "accidentally on purpose."