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Oil states say no talks on replacing dollar

Posted By admin On October 6, 2009 @ 3:59 am In Money Watch | Comments Disabled

Simon Rabinotvitch and Wayne Cole
Reuters [1]
Tuesday, Oct 6th, 2009

Big oil producing nations denied on Tuesday a British newspaper report that Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the U.S. dollar with a basket of currencies in trading oil.

The U.S. dollar eased in response to the report, which was written by The Independent’s Middle East correspondent Robert Fisk and cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong.

It said the proposal was for trade in crude oil to move over nine years to a basket of currencies including the Japanese yen, the Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, which includes Saudi Arabia and Kuwait.

But top officials of Saudia Arabia and Russia, speaking on the sidelines of International Monetary Fund meetings in Istanbul, denied there were such talks.

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/newsOne/idUSTRE59507620091006

[2] Image: http://prisonplanet.tv/signup.html

[3] Brazil, China talks could moot ditching dollar: http://www.prisonplanet.com/brazil-china-talks-could-moot-ditching-dollar.html

[4] Kremlin aide sees value in possible non-dollar oil payments: http://www.prisonplanet.com/kremlin-aide-sees-value-in-possible-non-dollar-oil-payments.html

[5] Collapse of the Greenback? Will the Dollar get an “Arab Oil Shock”?: http://www.prisonplanet.com/collapse-of-the-greenback-will-the-dollar-get-an-%e2%80%9carab-oil-shock%e2%80%9d.html

[6] U.N. panel says world should ditch dollar: http://www.prisonplanet.com/un-panel-says-world-should-ditch-dollar.html

[7] U.S. Postal Service Starts Quoting SDR to Dollar Conversion Rates, and IMF Endorses Replacing Dollars with SDRs: http://www.prisonplanet.com/u-s-postal-service-starts-quoting-sdr-to-dollar-conversion-rates-and-imf-endorses-replacing-dollars-with-sdrs.html

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