World's Strong Currencies as a Basis for OPEC Crude Oil

Wednesday, November 21, 2007

Iran's President Mahmoud Ahmadinejad has proposed a basket of the world's strong currencies as a basis for OPEC crude oil pricing.

The President called on member states to establish a new oil market that serves humanity.

The move would enable oil exporting countries to convert their foreign assets into powerful currencies other than the US dollar and will help them hedge against the falling greenback, he said.

The President also proposed drawing up a comprehensive plan for production, consumption and preservation of oil supplies, the formation of an 'OPEC bank' and strengthening the economies of member states.