Oil prices rose Nov. 19 after suggestions from the Riyadh OPEC summit that member nations are considering ditching the dollar. Iranian President Mahmoud Ahmadinejad called the dollar a “worthless piece of paper.” Venezuela’s Hugo Chavez added: “The dollar is in free fall, everyone should be worried about it. The fall of the dollar is not the fall of the dollar — it’s the fall of the American empire.” That led to a reaction from Saudi Arabia. “OPEC shouldn’t be used as a political organization,” Foreign Minister Prince Saud al-Faisal said at the event’s closing press conference. “Oil should be a tool for development and not a tool for conflicts.” (London Times, NYT, Nov. 19)
Note that Iran is already switching from the dollar to the euro for oil sales.
See our last post on the global struggle for control of oil.