OPEC concerned over weak dollar

Marketplace Staff Nov 19, 2007


Doug Krizner: Crude oil is above $95 the barrel. OPEC leaders have wrapped up their weekend summit in Riyadh, Saudi Arabia. This was not a meeting to talk about oil production. Other issues were on the table, like the effects of a weak dollar.

Ed Crooks covered the OPEC summit for the Financial Times:

Ed Crooks: The purchasing power of that oil revenue that they’re getting has done very significantly because of the fall of the dollar. And countries that are particularly vocal about this are, again, those opponents to the United States. Ahmadinejad, Iran’s president, said, “It’s crazy, their system — we give the Americans our oil, and they give us a worthless piece of paper.” And that was the most extreme way it was put, but it’s not quite clear whether they’re actually going to do anything about it. But certainly, it’s something they’re very worried about, and it’s something they’re all talking about.

Ed Crooks of the Financial Times. OPEC will discuss production on December 5.

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