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http://www.thinkandask.com/2006/112407-oil.htmlOil Cartel Moves to Discuss Switching Dollars for Basket of Currencies
24 November 2007: When the Euro was adopted as currency for consumers in Europe, the price of oil per barrel was about $23, or €27.60 in 2001. As time wore on, the European Union surpassed the United States as the world's No.1 economy in 2006, and its currency had appreciated about 87 percent by November 2007.
As of 23 November 2007, per barrel oil flirted with $100 and closed at $98.18 for January delivery. A barrel bought with Euros would be about €66. For those trading in dollars oil is up 66 percent in 12 months, but in Euros the price is up 39 percent. Two of the world's oil producing leaders say there is plenty of room for the price to increase further without impacting the world's "other" currencies.
Venezuela's President Hugo Chavez, and Iran's President Mahmoud Ahmadinejad rallied OPEC this week to switch from dollars to a basket of currencies as the dollar loses relevancy in the global marketplace.
Saudi Arabia however did not agree with the concept since the Royal Family is joined at the hip with politicians in the United States. Saudi Arabia's foreign minister blasted the proposal as irresponsible and added that discourse of this kind in public could cause undo harm to the dollar.
Nonetheless, OPEC's finance ministers agreed to review the proposal and to discuss abandoning the weakening dollar for a basket of currencies.
http://www.financialsense.com/editorial ... /0516.htmlRussian Rouble to Attack the US$
Excerpts from GLOBAL WATCH:
THE GOLD FORECASTER
by Julian D.W. Phillips
May 16, 2006
Russian President Vladimir Putin called for work on making the national currency convertible to be completed, oil and gas to be traded in Roubles on a domestic exchange, and an innovation-based economy.
... This is the second most significant step in removing the U.S.$ from the throne of sole global reserve and trading currency! Should any more oil producers take this step, it will precede a U.S.$ crisis and create massive potential instability in the globe’s foreign exchanges. Because this is so important to gold and to you the reader, we are going to turn this into a series of pieces detailing the way forward. Needless to say, these moves are very, very positive for gold. [If Putin keeps his word on the gold front, we should expect Russia to enter the gold market as a buyer soon too?]
Once Russia has completed these steps [July onwards], we expect to see the greatest bulk of Russia’s oil sold for Roubles.
Following China’s valuation of its currency against a basket of currencies of the countries with which it trades and the proposal by Iran of a multi-currency Oil Bourse in Tehran, other than the U.S.$ as well, this move by Russia tolls the bell on oil being exclusively priced in the U.S.$.
http://www.arabnews.com/?page=6§ion ... m=6&y=2003Euro-Dollar Basket for Oil Trades Proposed
Agence France Presse
KUALA LUMPUR, 17 June 2003 — Malaysian Prime Minister Mahathir Mohamad yesterday proposed a currency basket of the euro and the US dollar for oil trades to hedge against a weak greenback and manipulation by currency traders.
The veteran Southeast Asian leader said producing countries were feeling the impact of the weak greenback, which has fallen sharply against the euro. “It is time that the quotation of oil prices in dollars be reviewed,” he said in a speech read by his deputy Abdullah Ahmad Badawi at the opening of a two-day Asia oil and gas conference.
“Perhaps it would be better if payments for the sale of oil by producer countries are made with the euro equivalent of the US dollar. Then the appreciation of the euro would benefit the producers.”
Как и в 2003, как и в 2007, народ посовещается-посовещается и решит ничего не делать. Т.к. валюта, в которой ведет торговля, имеет значение чисто символическое. Эффект от перевода на корзину был бы примерно столько же, как от перевода всей мировой системы торговли нефти с баррелей на галлоны - головной боли много, практическая польза неочевидна.
Кстати, никто не запрещает сегодняшним странам ОПЕК немедленно продавать полученные за свою нефть доллары на форекс-рынке. Но они этого не делают, а предпочитают вкладывать доллары в американские казначейки.
