The weak dollar and the flow of investment money into commodities have pushed oil prices to a fresh record so more pumping from OPEC would have done little to stop the surge, a senior OPEC delegate said on Sunday.
The Organization of the Petroleum Exporting Countries (OPEC) left its output steady at a meeting earlier this month despite calls from consuming countries for more oil to halt the record rally. The price hit a fresh peak of $111 a barrel on Thursday. (Reuters)
The Organization of the Petroleum Exporting Countries (OPEC) left its output steady at a meeting earlier this month despite calls from consuming countries for more oil to halt the record rally. The price hit a fresh peak of $111 a barrel on Thursday. (Reuters)
US is debasing coinage, hence Gulf urged to depeg from USD
ReplyDeleteUS losing confidence vote as investors flee
By Ambrose Evans-Pritchard, International Business Editor
The Daily Telegraph 12:31am GMT 17/03/2008
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/17/ccview117.xml
SNIP
Rightly or wrongly, a view has taken hold that Washington is cynically debasing the coinage, hoping to export its day of reckoning through beggar-thy-neighbour policies.
Gulf urged to cut links with falling dollar
By Sonia Verma in Doha
The Times, March 17, 2008
http://business.timesonline.co.uk/tol/business/economics/article3564014.ece
SNIP
Central banks in the Gulf are being urged to fight inflation by severing the link between their currencies and the dollar