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Saudi Arabia Won't Include US $ in OPEC Talks


Spurious George

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Saudi Arabia Won't Include U.S. Dollar in OPEC Talks

Saudi Arabia, the world's largest crude oil exporter, rejected a proposal by Iran and Venezuela to discuss the weak dollar at this weekend's OPEC summit in Riyadh, saying it didn't want the U.S. currency to "collapse.''

Saudi Arabia won't discuss pricing oil in currencies other than the dollar, Saudi Foreign Minister Prince Saud Al-Faisal said, speaking at a meeting of oil and finance ministers today that was accidentally broadcast to journalists.

The Organization of Petroleum Exporting Countries, which pumps more than 40 percent of the world's oil, has seen its revenue diminish because of the decline in the dollar over the past three years. OPEC holds a heads of state summit in Riyadh tomorrow.

"As for the monetary aspect and the dollar I would like to ask his Excellency, the minister of Iran, to leave this question to the appropriate party, the ministers of finance, without mentioning that we gave them this task so that there won't be negative impact from OPEC,'' Al-Faisal said, speaking in reaction to an Iranian proposal to discuss the currency.

Some OPEC members have said they will consider increasing transactions in euros. The dollar has fallen almost 15 percent against the euro in the past 12 months.

"There will be journalists who will seize on this point and we don't want the dollar to collapse instead of doing something good for OPEC,'' Al-Faisal said.

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OPEC agrees to study dollar concern: Iran

Iran said Sunday that an OPEC pledge to increase financial cooperation between members meant the 13-member oil exporters group would study the issue of pricing oil in the falling US dollar.

OPEC's final summit declaration on Sunday made no explicit mention of concern about the weak US currency -- which number-two exporter Iran had sought -- with a plan to increase financial cooperation the only recognition of the idea.

"It is great that the finance ministers will study the subject more... and get a consensus," Oil Minister Gholam Hossein Nozari told reporters.

The OPEC statement said simply that the cartel would "study ways to increase financial cooperation between OPEC member countries, including a proposal by some heads of state" without giving more details.

Iran had pushed for OPEC to take collective action to price oil in other currencies such as the euro, instead of the US currency, which is used across the world at present.

The fall of the dollar, which has weakened considerably against the euro and other currencies in the past 12 months, has affected the revenues of OPEC members because most of them price and sell their oil exports in the US currency.

The issue is also political, with US arch-foe Iran keen to undermine the US currency.

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It appears the US and its dollar really are on the edge of a cliff... so much so that even discussing the cliff itself could be enough to push it over the edge linked-image. Such a perilous position to be in with such strong enemies breathing down their neck linked-image

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US needs to rebuild it's manufacturing base , your government has relinquished too many of your manufacturing jobs to other nations. It won't be easy, you like your cheap chinese imports . While your economy crumbles the fools in the white house debate gay marriages and wars with Iran . The fat lady is about to enter stage on the US dollar.

Edited by Borat
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US needs to rebuild it's manufacturing base , your government has relinquished too many of your manufacturing jobs to other nations. It won't be easy, you like your cheap chinese imports . While your economy crumbles the fools in the white house debate gay marriages and wars with Iran . The fat lady is about to enter stage on the US dollar.

agreed; the decline in our manufacturing sector has caused us to work mostly mcjobs...we need to ban all chinese imports! and strengthen our base....the dollar is finished as a world standard..unless we save it..as a people?..

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Well, the USa still have the knowledge base, the population, and the resources. They can do it. They just need a good politic leadership, and throw off most of the megacorporation lobbies in the goverment.

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Like it or not if things don't change in US the Euro will be the standard trading currency for oil (it's business first)

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55 min ago

Ahmadinejad: Dollar is "A Worthless Piece of Paper"; OPEC Agrees

Riyadh, Saudi Arabia (AHN) - Iranian President Mahmoud Ahmadinejad, announced at the close of the OPEC summit Sunday that all participating members in the conference were willing to look at other currencies to use in the oil trade, with the reason being the currency's rapid and continuous fall.

Ahmadinejad explained that the value of the U.S. dollar, which has been in a continuous decline as of recently, has become unsatisfactory for the 13 OPEC summit participants, and that each one will be consulting finance and oil ministers for the purpose of analyzing the oil in terms of pricing.

"All participating leaders showed an interest in changing their hard currency reserves to a credible hard currency," Ahmadinejad said. "Some said producing countries should designate a single hard currency aside form the U.S. dollar...to form the basis of our oil trade."

The Iranian president furthered that the decline of the American currency, and its negative effects on other countries, was the cause of faulty policies made by the Bush administration.

"They get our oil and give us a worthless piece of paper," Ahmadinejad spat out, as quoted by the Associated Press.

Iran, which has reportedly replaced the U.S. dollar with local currency in accepting payment for its oil, was apparently pushing the OPEC leaders to agree to the shift in currency use, suggesting the euro as a probable replacement.

U.S. ally Saudi Arabia was hesitant to the move, saying that to do so would cause a collapse of the dollar, according to the Agence France-Presse.

The idea of switching to another currency due to the dollar's decline was supported by Venezuelan President Hugo Chavez, who said that "the empire of the dollar has to end."

Chavez, who is also for considering the euro as a replacement, described the dollar as having been "in free-fall without a parachute."

http://www.allheadlinenews.com/articles/7009202289

`The dollar peg is doomed,'' said Jim Rogers, chairman of New York-based Rogers Holdings and a former partner of hedge fund manager George Soros.

The gulf countries, which supply 22.2 percent of the world's oil, according to BP Plc, are under pressure to abandon their fixed exchange rates after the dollar tumbled 10 percent against the euro in 2007. OPEC members Venezuela and Iran want to price more crude in other currencies. Inflation in the region is accelerating at the fastest pace in at least five years because central banks follow U.S. Federal Reserve policy.

The ties are already weakening. Kuwait dropped the dinar's fixed exchange rate in May and it has strengthened 4.5 percent.

Saudi Policy

U.A.E. central bank Governor Sultan Bin Nasser al-Suwaidi said last week that his country, a federation of sheikhdoms, may change its policy. The plan is ``not to drop the dollar peg but maybe to reduce it to a basket which will consist of more dollars, but not totally 100 percent,'' he said in an interview in Gwacheon, South Korea.

Gulf central banks are already preparing for an exchange rate regime that doesn't require dollars to defend.

The U.A.E.'s al-Suwaidi said his bank has a target of moving 10 percent of its reserves into euros and has ``already diversified to some extent.'' The $50 billion Qatar Investment Authority said Sept. 4 it was looking to buy assets in Asia to counter a weak dollar.

Scrapping the peg ``would further undermine the dollar,'' said Michael Hughes, who helps manage about $40 billion as chief investment officer at Baring Asset Management in London. ``There's no doubting that the events of the last few months have shifted the debate about what the appropriate monetary order should be worldwide.'

Edited by Borat
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Like it or not if things don't change in US the Euro will be the standard trading currency for oil (it's business first)

This will be the final nail in the US's coffin...it's been a long run..

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Chavez in Tehran: "Empire of dollar is crashing"

Venezuelan President Hugo Chavez said on Monday the "empire of the dollar is crashing", a day after his country and anti-U.S. ally Iran advocated action over the weakening U.S. currency during an OPEC summit in Riyadh.

Chavez, who on Saturday said oil prices could double to $200 per barrel if the United States attacks Iran over its disputed atomic ambitions, spoke to reporters after talks with his Iranian counterpart Mahmoud Ahmadinejad in Tehran.

The two leaders agreed to set up a joint Iranian-Venezuelan bank and also signed deals to boost cooperation in the oil, petrochemical and industry sectors, Iranian media reported without giving details about the accords.

Ahmadinejad -- whose country is under banking and other international sanctions over its nuclear programme -- on Sunday called the U.S. dollar a "worthless piece of paper" and Chavez took a similar line on Monday.

"Soon we will not talk about dollars because the dollar is falling in value and the empire of the dollar is crashing," Chavez said in comments translated into Farsi from Spanish.

"Naturally, by the crash of the dollar, America's empire will crash," Chavez said at a joint news conference with Ahmadinejad. The two presidents share the same viewpoint in denouncing U.S. influence in the world.

The final statement of the oil cartel's Nov. 17-18 summit did not include any reference to the falling dollar, in an apparent victory for U.S.-allied moderates led by Saudi Arabia.

But Iran and Venezuela made clear before and after the summit that they would press for action, which could include pricing oil in a basket of currencies.

- Link -

linked-image

Doom on you... doom on you... doom on you! ^_^

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Well, this are the current OPC members:

Algeria

Angola

Ecuador

Indonesia

Iran

Iraq

Kuwait

Libya

Nigeria

Qatar

Saudi Arabia

United Arab Emirates

Venezuela

At least 3 members are looking for another currency to replace the dollar has the money of trade, and this are Ecuador, Iran and Venezuela. I could see Algeria joining them.

Source - Wikipedia

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I read this on the newspaper yesterday, I somehow agree with this. But it's not becuase I hate America or whatever, it's because the todays' market world has divided, and America just can't follow. The American Government still have less act concerning this development. The war in Iraq, the invasion of Chinese products and the soaring of the oil prices due to consumerism and the usage of petroleum in US for everyday's cars and transportations to factories (to me, it's also the price US must pay of not signing the Tokyo Protocol), these are some of the major factor. America must stop this road of economic destruction, start reducing funds on war and start thinking that the world is there and watching America. I dunno guys, it's up to the US Governement whether they want to proceed with this...

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This will be the final nail in the US's coffin...it's been a long run..

Yes, they said that about Germany after WW1. It did not work out so good. Be careful what you wish for.

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The dollar will continue to slide and more countries will continue to look for payment in other currencies... its just business, nothing personal... well maybe for Iran and Venezuela it is ;)

OPEC leaders upset over dollar slide: Ahmadinejad

Iranian President Mahmoud Ahmadinejad said Sunday OPEC heads of state were annoyed about the decline in the dollar and asked their finance and oil ministers to study the issue of pricing oil.

"The dollar is falling, all heads of state were upset today because of the dollar. The value of their (financial) reserves has dropped," Ahmadinejad told a press conference.

"All leaders taking part in the meeting were willing to convert the pricing of oil into a currency other than the dollar," he said.

"The meeting decided to direct our ministers of finance and oil to talk about this and later produce their findings," he said.

Ahmadinejad also said that Iran proposed that OPEC should have its own strong currency because that would serve the interests of all world countries, besides OPEC.

Iran, the second largest OPEC oil producer, has already moved away from collecting payment for its oil in dollars and instead is paid in local currency from customers.

But benchmark prices for crude are priced in the US currency, which has declined sharply in value against other currencies recently, reducing the oil revenues of oil exporters.

A final declaration issued at the end of the two-day OPEC summit Sunday however failed to make an explicit reference to the weak dollar.

- Link -

Saudi Arabia, the world's largest crude oil exporter, rejected a proposal by Iran and Venezuela to discuss the weak dollar at this weekend's OPEC summit in Riyadh, saying it didn't want the U.S. currency to "collapse.''

Saudi Arabia won't discuss pricing oil in currencies other than the dollar, Saudi Foreign Minister Prince Saud Al-Faisal said, speaking at a meeting of oil and finance ministers today that was accidentally broadcast to journalists.

Accidentally my ass... that was a warning shot courtesy of the Saudis :yes:

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Accidentally my ass... that was a warning shot courtesy of the Saudis :yes:

The Saudis own Citibank.

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If I am not mistaken, this is one of the main reasons we attacked Iraq: To prevent Saddam from switching to Euros.

Now the War drumming with Iran.

It's all about protecting financial power.

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The Saudis own Citibank.

And Prince Alwaleed bin Talal probably isnt too happy about that right now :lol:

The US should be pleased that the Saudis blocked any official comment from OPEC about the weak US dollar and settled on an "accidentally" broadcast comment instead ;)

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Hell, I hope the whole world knows the US economy is sliding down the toilet drain. The USA does not need the rest of the world, it has all of the resources it needs right here in North America. It would be great to be a free from the rest of the world, strong and independent nation again. We could sit here on our nukes and drink our Sam Adams beer after we bulldoze the United Nations off into the ocean and watch the rest of the planet go into meltdown and war for a change.

Enjoy sharia law folks.

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Hell, I hope the whole world knows the US economy is sliding down the toilet drain. The USA does not need the rest of the world, it has all of the resources it needs right here in North America. It would be great to be a free from the rest of the world, strong and independent nation again. We could sit here on our nukes and drink our Sam Adams beer after we bulldoze the United Nations off into the ocean and watch the rest of the planet go into meltdown and war for a change.

Enjoy sharia law folks.

Well, we've touched on that point in other threads, though never really discussed it.

In terms of raw materials (oil, food, fertiliser, iron, coal, copper, uranium, silicon etc etc) just how self-sufficient IS America ?

I know it imports a lot of oil, but perhaps with adjustments (painful though they may be) it could reduce its demand to meet its own domestic supply capability.

IF America could become more self-sufficient, then the slide in the dollar could be the catalyst that transforms the US into an industrial power again. (because - IF it doesn't need to import (expensive) raw materials, then its exports will become correspondingly cheaper as the dollar reduces in value). In theory, this could produce a new economic boom. (one fueled by manufacturing exports rather than borrowing).

So I pose the question - what is America deficient in ? What raw materials does it NOT have ?

Meow Purr.

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Hell, I hope the whole world knows the US economy is sliding down the toilet drain. The USA does not need the rest of the world, it has all of the resources it needs right here in North America. It would be great to be a free from the rest of the world, strong and independent nation again. We could sit here on our nukes and drink our Sam Adams beer after we bulldoze the United Nations off into the ocean and watch the rest of the planet go into meltdown and war for a change.

The US does not have enough resources to sustain itself... oh but you said North America, so you meant Canada has enough resources to sustain America? Not by paying us with a worthless currency... careful what you wish for ;)

Enjoy sharia law folks.

Irrational bitterness will not scare anyone :)

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you said North America, so you meant Canada has enough resources

Get real and come out of your Down With the USA haze. China is going to be drilling in the gulf and that puts the Big End to the eco restraints for the USA to drill off shore here also, as well as for taking down eco blocks to using the largest coal field in the world and drilling in other previous off limit sites here. Game Over. Finally.

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Get real and come out of your Down With the USA haze. China is going to be drilling in the gulf and that puts the Big End to the eco restraints for the USA to drill off shore here also, as well as for taking down eco blocks to using the largest coal field in the world and drilling in other previous off limit sites here. Game Over. Finally.

Get real? Coming from someone that just threatened the non-US-led world with sharia law, bulldozing the UN and going into meltdown and war :lol:

Hows the 'Down With the World Without Us' haze treating you ^_^

The US has no one to blame but itself, I just sat back and laughed :devil:

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bulldozing the UN and going into meltdown and war

Whats so crazy about leaving the United Nations? The UN is full of corrupted globalist eetlite and is Unconstitutional. NO international organization has any right to override National American laws, or it shouldn't.

I would love to leave the UN, Nato, Nafta, Cafta, etc..

The US has no one to blame but itself, I just sat back and laughed

If your far-left wing dream came true of the USA collapsing, you do realize Canada would be the first nation to sink with the ship? Never to mind the illegal immigrants you love so much would poor into the nation and economicaly destroy it.

Edited by Mars
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Get real? Coming from someone that just threatened the non-US-led world with sharia law, bulldozing the UN and going into meltdown and war :lol:

Hows the 'Down With the World Without Us' haze treating you ^_^

The US has no one to blame but itself, I just sat back and laughed :devil:

This is good. This is what I want. This is the exact kind of crap I want everyone in the USA to see more and more of so they some will drop their insane attitude that we should give a damn about anything that happens to anyone that is not a US citizen. Thanks.

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This is good. This is what I want. This is the exact kind of crap I want everyone in the USA to see more and more of so they some will drop their insane attitude that we should give a damn about anything that happens to anyone that is not a US citizen. Thanks.

Ignore the background quibbling and baiting Bella-Angelique. :D

What ARE the USA's shortfalls (if any) in becoming industrialy and agriculturaly self-sufficient (and hence by implication, a manufacuring exporter) ?

I know the US needs to import oil at the moment - but its conceivable that with a determined national effort it could reduce its demand to meet domestic supply capabilities.

What else is the US short of ?

I'm serious.... see my post 3-4 above this.

Meow Purr :)

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What ARE the USA's shortfalls (if any) in becoming industrialy and agriculturaly self-sufficient (and hence by implication, a manufacuring exporter) ?

Meow Purr :)

The answer is - Absolutely none.

The empty factory buildings are intact, the machinery needed inside is easily reproduced or easily shipped in. Japan is going underwater is and is moving as fast as it can to transfer its nation here and to Canada and hopes the gates do not slam shut.

I know it is hard for many looting and raiding nations (you know who I mean) to understand that the USA rose to its superpower status through its natural resources but it did and it still has them. Ecological groups have held the nation back from accessing a lot, but demand will now cause that to go away.

The United States is packed with natural resources.

For example, just one state in the USA now provides almost all of the world's resin that is needed to make plastics.

Right now there is so much awe over the power of "some" oil nations, but they have likely peaked and are on their way down and out anyway.

Look, whatever it is now Russia is not totally stupid and is putting in a massive oil and electrical line to Alaska, one that China wanted to go to them. Guess why? I am guessing it is because of all that I have posted.

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What ARE the USA's shortfalls (if any) in becoming industrialy and agriculturaly self-sufficient (and hence by implication, a manufacuring exporter) ?

Numerous - the US public lacks the collective vision, they are divided along so many lines most notably the left/right divide that I would guarantee any "new vision" for the US would be demonized as a Leftist Agenda or a Rightist Agenda depending on where this vision originated. Not to mention the entire US system is built around a Global-Capitalist vision of profit and greed and this recent downward spiral that the US is on could be part of that vision... I never first assume that the US has made a mistake that led to its demise but consider that it could be part of a broader plan that has not fully come to light. No one in the US is seriously trying to save the dollar, some say that aside from rhetoric there is a "hands-off" policy towards its sinking.

All in all a new vision for the US would require a huge overhaul, reconstruction of its current state but I dont believe all things can be "renovated", some require complete destruction before something new and fresh can be built on top of the old... like a phoenix ;)... the US has far too much crap stacked upon more crap to just reform its economy, it must be destroyed :)

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