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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.
Originally posted by OBE1
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.
Originally posted by worldwatcher
bump for this thread, because it's makes for good reflective reading in the current economic situation.
Question: Why didn't the dollar more today? With the run up in oil, I expected a bigger drop in the dollar..
Originally posted by Gools
I would disagree.
IMO you are confusing cause and effect.
Dollar weakness is the effect not the cause of the shift in economic power and policies around the globe. I believe there is a concerted effort to challenge the US empire by the only means available to countries not wanting to start all out military conflicts with the US war machine.