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Currency switch by OPEC 'could halve dollar'.
Knight Ridder/Tribune Business News, December, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Dec. 8--The pound rose above $1.95 for the first time since the September 1992 crisis, as one of the most influential figures in the world oil market warned that the dollar could halve if Opec oil producers demand to be paid in another currency.
Former Saudi oil minister Sheikh Yamani said the dollar could fall to "less than half of what it is" if Opec switched to payments in other currencies.
Oil was formerly priced using a basket of currencies.
Opec ministers meet on Friday. Yamani warned that talk of their "defending" oil at $40 a barrel would be "so harmful" to the world economy.
Long term, he predicted a sharp fall in oil prices, but short term, he warned...
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