OPEC may switch to euro, will "take time" -sec-gen
DUBAI, Feb 8 (Reuters) - OPEC may abandon the dollar for pricing oil and adopt the euro but any such switch will "take time", OPEC Secretary-General Abdullah al-Badri was quoted as saying by a weekly magazine....
Badri tells MEED ... that the producers' cartel may switch to the euro within a decade to combat the dollar's decline...."It took two world wars and more than 50 years for the dollar to become the dominant currency. Now we are seeing another strong currency coming into the, which is the euro," said Badri, who is Libyan.
This thread makes for an interesting look-back. I notice it was started in Oct 05. The following month (Nov 05), the Dollar topped-out...completing the head in an ugly H&S top formation. Since then, Uncle Buck remains in dramatic down-channel.
I realize that a gradual move to the Euro by OPEC, as it occurs, will be based-on common sense economic survival (dollar weakness)...not Petrodollar Warfare. Openly anti-American member/producers like Iran, Venezuela, and perhaps Ecuador, would be the exception.