3rd Full OPEC Summit In History
DriftingByTheStorm
Posts: 8,684
What is youse folks take on this meeting?
It sounds like nothing good at all to me.
Scary stuff actualy.
Chavez: US Attack on Iran Will Spike Oil
-- "could reach $150 or $200 a barrel if America attacks Iran".
That crazy Iranian, Ahmadinejad --Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."
Iranian Foreign Minister says about the dollars declining value "The reality is that we have this problem. I think we should draft the declaration to reflect our concerns,"
Iran's oil minister went a step further and said OPEC will form a committee to study the dollar's affect on oil prices and investigate the possibility of a currency basket.
"We have agreed to set up a committee consisting of oil and finance ministers from OPEC countries to study the impact of the dollar on oil prices," Gholam Hussein Nozari told Dow Jones Newswires.
Iraqi Oil Minister Hussein al-Shahristani said the committee would "submit to OPEC its recommendation on a basket of currencies that OPEC members will deal with." He did not give a timeline for the recommendation. source
OPEC is studying the declining dollar value and what to do about it -- like maybe taking Oil off the dollar! -- OFF the record ... they are so concerned about the weak and weakening dollar that the prince of Saudi Arabia says (not realizing there is a mic in the room broadcasting to reporters) "In my feeling, the mere mention that the OPEC countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries," ... YIKES!
Again, just the idea of this being only the THIRD full summit in history is kind of scary. Regardless of what was said, and what was said wasn't good.
Why exactly did they feel the need to call this meeting now, you have to ask yourself. Particularly, given what was discussed!
People?
Comments?
It sounds like nothing good at all to me.
Scary stuff actualy.
Chavez: US Attack on Iran Will Spike Oil
-- "could reach $150 or $200 a barrel if America attacks Iran".
That crazy Iranian, Ahmadinejad --Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."
Iranian Foreign Minister says about the dollars declining value "The reality is that we have this problem. I think we should draft the declaration to reflect our concerns,"
Iran's oil minister went a step further and said OPEC will form a committee to study the dollar's affect on oil prices and investigate the possibility of a currency basket.
"We have agreed to set up a committee consisting of oil and finance ministers from OPEC countries to study the impact of the dollar on oil prices," Gholam Hussein Nozari told Dow Jones Newswires.
Iraqi Oil Minister Hussein al-Shahristani said the committee would "submit to OPEC its recommendation on a basket of currencies that OPEC members will deal with." He did not give a timeline for the recommendation. source
OPEC is studying the declining dollar value and what to do about it -- like maybe taking Oil off the dollar! -- OFF the record ... they are so concerned about the weak and weakening dollar that the prince of Saudi Arabia says (not realizing there is a mic in the room broadcasting to reporters) "In my feeling, the mere mention that the OPEC countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries," ... YIKES!
Again, just the idea of this being only the THIRD full summit in history is kind of scary. Regardless of what was said, and what was said wasn't good.
Why exactly did they feel the need to call this meeting now, you have to ask yourself. Particularly, given what was discussed!
People?
Comments?
If I was to smile and I held out my hand
If I opened it now would you not understand?
If I opened it now would you not understand?
Post edited by Unknown User on
0
Comments
"The closed meeting was accidentally broadcast to journalists and after approximately 40 minutes, an official rushed into the press room and yanked the television cable out of the wall."
What the hell? Accidentally broadcasting a meeting of that significance? Does that not seem weird? Done intentionally to further undermine the dollar?
Wonder how this will effect the markets tomorrow morning...
Something doesn't seem right there. That's shady.
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
Well you've just touched on the crux of a lot of the buzz.
Essentialy people are saying just that ... like it was an intentional "mistake" ...
... that being said, those nations do have a lot of dollar assets, so Faisal is right, it behooves them not to go slandering it and send it spiral ... at least not while they are holding on to those dollar backed assets!
If I opened it now would you not understand?
Wasn't there speculation that one of the several components/rewards of attacking Iraq was to bring calmness to the oil region in the mideast and thereby thwarting any attempt to move oil to the euro? The dollar was already losing ground to the euro in 2003 and, if my memory serves me correct, there was rumblings back then of OPEC wanting to move away from the dollar as the euro was then seen as a more promising currency.
This is when we have to hope Saudi has our back and will resist. Needless to say, we don't have many other friends who are members of OPEC.
They already do...
"Saudi Arabia's King Abdullah had tried to direct the focus of the summit toward studying the effect of the oil industry on the environment, but he continuously faced challenges from Ahmadinejad and Chavez."
"Iran and Venezuela have proposed trading oil in a basket of currencies to replace the historic link to the dollar, but they had not been able to generate support from enough fellow OPEC members -- many of whom, including Saudi Arabia, are staunch U.S. allies."
"A day earlier, Saudi Arabia opposed a move by Iran on Friday to have OPEC include concerns over the falling dollar included in the summit's closing statement after the weekend meeting. Saudi Arabia's foreign minister warned that even talking publicly about the currency's decline could further hurt its value."