[size=18] Saudi minister warns of dollar collapse[/size]The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned.
Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting at the oil cartel's conference.
In an embarrassing blunder at the meeting in Riyadh, ministers' microphones were not cut off during a key closed meeting, and Prince Al-Faisal was heard saying: "My feeling is that the mere mention that the Opec countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries.
"There will be journalists who will seize on this point and we don't want the dollar to collapse instead of doing something good for Opec."
After around 40 minutes press officials cut off the feed, which had been accidentally broadcast to the press room.
Prince Al-Faisal added: "This is not new. We have done this in the past: decide to study something without putting down on paper that we are going to study it so that we avoid any implication that will bring adverse effects on our countries' finances."
Iran and Venezuela have argued that the meeting's final communique should voice concern about the level of the dollar, which has recently fallen to new record lows against the euro. They are pushing for oil to be denominated against a basket of currencies.
The greenback also weakened slightly against the pound, [b]although sterling's own recent weakness has pushed it down from $2.10 to $2.0457 during the week.[/b]
Nigerian finance minister Shamsuddeen Usman said that Opec could declare in the communique that: "While underlining our concern for the continued depreciation of the dollar and its adverse impact on our revenues, we instruct our finance ministers to study the issue exhaustively and advise us on ways to safeguard the purchasing power of our revenues, of our members' revenues."
Chancellor Alistair Darling will today urge his fellow finance ministers at a major G20 summit to increase investment in oil production and refinement.
[url=http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/11/17/cndoll...
I look forward to it.
Back in BLACK
Do we get icecream?
I want vanilla, with lime topping.
"For too long, we have been a passively tolerant society, saying to our citizens 'as long as you obey the law, we will leave you alone'" - David Cameron, UK Prime Minister. 13 May 2015.
You only get what you bring to the barbacue.
That reminds me... i kinda feel like a bagel
Back in BLACK
Is that arabic for pagal?
"For too long, we have been a passively tolerant society, saying to our citizens 'as long as you obey the law, we will leave you alone'" - David Cameron, UK Prime Minister. 13 May 2015.
Nope, its 100% some other language.
Bagel is a round bread like product. The fourth cousin to the dougnut.
Back in BLACK
Maybe I should quote more for dexterity.
The joke is now on me. am cry.
"For too long, we have been a passively tolerant society, saying to our citizens 'as long as you obey the law, we will leave you alone'" - David Cameron, UK Prime Minister. 13 May 2015.
What can i say bro,
You have the wisedom of a much younger woman.
Back in BLACK
No thats harsh women can be brilliant just look at maggie thatcher
Those who danced were thought to be quite insane, by those who couldn't hear the music...
apparantly saddam was planning on shifting the oil prices to the euro, that is the real reason america invaded.
Don't just do something! Stand there.
allegedly.
Its all about the oil....
But at the moment Iraq supposedly aint produceing any oil and now they've also put sanctions on Iran.... no wonder the petrol prices are through the roof.
Back in BLACK
Salam
Dollar runs the world.
It will be end of the world for her.
Omrow
Salaam
Well what has history told us about the world's market, this century the global economy relies on america but i doubt it will crash so what if oil prices are going up. America has resources and i highly doubt that it will hit a depression again there to proud for that.
seraphim said along the lines of the invasion not being for oil
well that isnt the only reason for the invasion but the main one , america were just about to reach a point were oil was getting to a critical level. Everybody knows every superpower is fueled by oil so it would have been disastorous for america. Another reason for the invasion was the fact that the leader saddam was getting a bit too big for his boots and the CIA cant have that can they? Also 2003 two years after 9/11 bush needed to back his word on the war on terror so what better display of excellence than attacking iraq claiming they had WMD. So an answer to that is although it was one of the main reasons oil wasnt necessary the reason for war.
Those who danced were thought to be quite insane, by those who couldn't hear the music...
one simple reason why the prices are high people climate control and global warming!!
Those who danced were thought to be quite insane, by those who couldn't hear the music...
...for the Iraqis. (it is producing, but not much)
It on the other hand is afaik exporting to foreign lands...
"For too long, we have been a passively tolerant society, saying to our citizens 'as long as you obey the law, we will leave you alone'" - David Cameron, UK Prime Minister. 13 May 2015.
I think the world is already collapsing, don't you?
The media, government, tried to blow us, but they can't out the flame, or doubt the name.