OPEC pushed to drop weakening dollar

By David Edwards
Sunday, November 18, 2007 10:12 EDT
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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.

David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
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