Skip to Content

OPEC looking at how weak dollar affects the cartel's profits



Well, this bit of news will probably leave some people feeling shaken, not stirred. OPEC has announced that the group has set up a committee to look into how the weak U.S. dollar is affecting the cartel's earnings and to figure out if trading oil using a "currency basket" (a concept I just learned about) would be beneficial to OPEC. The committee will report on whether using the average value of a group of currencies (the basket) would be better than trading oil using dollars; details on which currencies might make it into the basket and when the report is due have not been announced. According to the AP, the two countries that have pushed the hardest for this move are Iran and Venezuela. Saudi Arabia is against it. For it's part, the U.S. is calling on the cartel to increase oil production. Apparently, to understand global politics in a nutshell, just look at OPEC.

[Source: AP]

Reader Comments (Page 1 of 1)

Add your comments

Please keep your comments relevant to this blog entry. Email addresses are never displayed, but they are required to confirm your comments.

When you enter your name and email address, you'll be sent a link to confirm your comment, and a password. To leave another comment, just use that password.

To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.



Featured Galleries

  • 1 Liter Racing League
  • Suzuki Alto in Global Green Challenge
  • Proterra Electric Bus
  • Local Motors Rally Fighter
  • 1916 Woods Dual Power Model 44 Coupe
  • Audi Avatar
  • Global Green Challenge Tesla Roadster goes 313 miles
  • Meyers Motors NMG
  • Cozmo NEV
  • Tokyo 2009: Suzuki Swift PHEV
  • Tokyo 2009: Suzuki SX4-FCV
  • Honda mobility devices

Categories


Autoblog

Daily Finance

Download Squad

Engadget

Joystiq

Autoblog Spanish

Switched.com

FanHouse

Asylum