OPEC could switch the pricing of oil from dollars into euros within a decade,
secretary general Abdullah al-Badri told a weekly magazine. The Organisation of the
Petroleum Exporting Countries could adopt the euro to combat the decline of the
dollar, Badri told the
Middle East Economic
can price the oil in the euro. It can be done, but it will take time," he said.
the change could happen within a decade, the magazine said.
recalled that OPEC is under pressure from its members, who have seen their
earnings decline sharply since 2000 due to its use of the dollar. The US
currency has fallen 44 per cent in value against the euro in that time.
The publication of Badri’s
remarks coincided with the euro rising against the dollar on the foreign
exchanges on Friday. The euro peaked of 1.4547 dollars at around 2330 IST,
though it has since weakened.
"In oil exchanges in New York,
Singapore or Dubai, you can see the currency is the euro or the yen," Badri
"But as long as we see
the final sign in dollar that means the pricing is in dollars.
"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 (frame), which is the
Via Times of India