Iran fails to get OPEC mention of weak dollar

AFP: OPEC’s final summit declaration on Sunday made no mention of the weak dollar, with a plan to increase financial cooperation between members the only recognition of an Iranian proposal to price oil in other currencies. RIYADH (AFP) — OPEC’s final summit declaration on Sunday made no mention of the weak dollar, with a plan to increase financial cooperation between members the only recognition of an Iranian proposal to price oil in other currencies.

OPEC would “study ways to increase financial cooperation between OPEC member countries, including a proposal by some heads of state,” said OPEC Secretary General Abdullah al-Badri without giving details on the proposal.

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.