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| Version 0 | Version 1 |
|---|---|
| Iran leader dismisses US currency | Iran leader dismisses US currency |
| (about 7 hours later) | |
| Iranian President Mahmoud Ahmadinejad has suggested an end to the trading of oil in US dollars, calling the currency "a worthless piece of paper". | Iranian President Mahmoud Ahmadinejad has suggested an end to the trading of oil in US dollars, calling the currency "a worthless piece of paper". |
| The call came at the end of a rare Opec summit, and was opposed by US ally Saudi Arabia. | The call came at the end of a rare Opec summit, and was opposed by US ally Saudi Arabia. |
| The Iranian president had wanted to include the attack on the dollar in the summit's closing statement. | The Iranian president had wanted to include the attack on the dollar in the summit's closing statement. |
| The communique made little mention of the dollar, however, focusing instead on energy security and the environment. | The communique made little mention of the dollar, however, focusing instead on energy security and the environment. |
| The summit in Saudi Arabia was only Opec's third in 47 years. | The summit in Saudi Arabia was only Opec's third in 47 years. |
| During the talks, Opec members revealed differences about the future direction of the exporters' group. | During the talks, Opec members revealed differences about the future direction of the exporters' group. |
| But Opec leaders ended with a pledge to provide the world with reliable supplies of oil. | But Opec leaders ended with a pledge to provide the world with reliable supplies of oil. |
| Unfair trade? | Unfair trade? |
| Speaking after the end of the summit, Mr Ahmadinejad said all leaders at the meeting were unhappy with recent falls in the value of the dollar. | Speaking after the end of the summit, Mr Ahmadinejad said all leaders at the meeting were unhappy with recent falls in the value of the dollar. |
| Oil reached a record high of $98.62 a barrel earlier this monthThe dollar has weakened considerably against the euro and other currencies in the past 12 months. | |
| Its decline has affected the revenues of Opec members because most of them price and sell their oil exports in the US currency. | Its decline has affected the revenues of Opec members because most of them price and sell their oil exports in the US currency. |
| Mr Ahmadinejad said that all Opec countries had showed interest in converting their cash reserves into other currencies. | Mr Ahmadinejad said that all Opec countries had showed interest in converting their cash reserves into other currencies. |
| "They [the US] get our oil and give us a worthless piece of paper," he told reporters. | "They [the US] get our oil and give us a worthless piece of paper," he told reporters. |
| But Saudi officials were against including any such language in the declaration. One is reported to have warned that it could add to the pressure on the dollar. | But Saudi officials were against including any such language in the declaration. One is reported to have warned that it could add to the pressure on the dollar. |
| However, in the communique Opec did make a reference to the debate, by committing itself to studying "ways and means of enhancing financial co-operation". | However, in the communique Opec did make a reference to the debate, by committing itself to studying "ways and means of enhancing financial co-operation". |
| Iran's oil minister said that this would allow the formation of a committee to study the dollar's affect on oil prices and investigate the possibility of alternative trading currencies. | Iran's oil minister said that this would allow the formation of a committee to study the dollar's affect on oil prices and investigate the possibility of alternative trading currencies. |
| Political agenda | Political agenda |
| The summit was also marked by divisions over the role of Opec in the world oil market. | The summit was also marked by divisions over the role of Opec in the world oil market. |
| Chavez (r) and Iran's Mahmoud Ahmadinejad are staunch US criticsVenezuelan President Hugo Chavez and his Ecuadorean counterpart, Rafael Correa, whose country rejoined Opec at the summit, both argued for a more political agenda for the group, but ran into opposition from US ally Saudi Arabia. | |
| King Abdullah, the head of state of the host nation, Saudi Arabia said: "Those who want Opec to take advantage of its position are forgetting that Opec has always acted moderately and wisely. | King Abdullah, the head of state of the host nation, Saudi Arabia said: "Those who want Opec to take advantage of its position are forgetting that Opec has always acted moderately and wisely. |
| "Oil shouldn't be a tool for conflict, it should be a tool for development." | "Oil shouldn't be a tool for conflict, it should be a tool for development." |
| President Chavez had opened the meeting with a warning that oil prices could double if the US attacked Iran. | President Chavez had opened the meeting with a warning that oil prices could double if the US attacked Iran. |
| Oil has been hitting record peaks of well over $90 a barrel as markets believe the Organisation of Petroleum Exporting Countries will not boost production, despite calls from oil-consuming countries such as the US to do so. | Oil has been hitting record peaks of well over $90 a barrel as markets believe the Organisation of Petroleum Exporting Countries will not boost production, despite calls from oil-consuming countries such as the US to do so. |
| Venezuela's president said the price of crude could reach $150 or even $200 a barrel. | Venezuela's president said the price of crude could reach $150 or even $200 a barrel. |