Several OPEC member countries, lead by Iran and Venezuela, called for OPEC to consider dropping the dollar as a pricing standard. A senior Saudi Minister said that such discussion could cause the US currency to “collapse.” The dollar has dropped 44% in value against the Euro since 2000. After Saudi Arabia rejected public discussion of the dollar, reference to its weakness was left out of OPEC’s final statement.
Venezuela’s President Chavez generated more press attention when he warned that a US attack on Iran may hike oil to $200/barrel.
The following video is from CBS’s Evening News and The Associated Press, broadcast on November 17, 2007.