Business | Oil & Gas
Opec will avoid talk of dollar impact
Opec will exclude any reference to the weak dollar in its draft summit communique, voting down a proposal by Venezuela and Iran to highlight the currency's negative impact on producers' economies.
- Reuters
- Published: 00:19 November 18, 2007
Riyadh: Opec will exclude any reference to the weak dollar in its draft summit communique, voting down a proposal by Venezuela and Iran to highlight the currency's negative impact on producers' economies.
Saudi Arabia had objected to the bid on Friday, saying the mere mention of the dollar could exacerbate its weakness.
"I am telling you, you will not see it in the final declaration," Opec Secretary-General Abdullah Al Badri said after a meeting of oil, finance and foreign ministers was briefly broadcast live to journalists. "Yes, we are concerned. But this is a discussion among ourselves and this is not the first time we have discussed it."
The dollar's drop against major currencies helped fuel oil's rally to a record $98.62 last week. It has also reduced the purchasing power of Opec countries.
But top oil exporter and summit host Saudi Arabia said the dollar was an issue best left alone by Opec. "I think we should leave this matter to the competent parties," said Saudi Foreign Minister Saud Al Faisal.
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