[EarthGamePlayer]

Link


$this->bbcode_second_pass_quote('', 'A') private meeting of Opec leaders, gathered this weekend in Riyadh for the cartel's third meeting in its 47-year history, had just been broadcast to the world's media for more than half an hour after a technician had mistakenly plugged the TV feed into the wrong socket. The facade of unity that the cartel so carefully cultivates to a world spooked by soaring oil prices was shattered.

Sometimes, such innocent mistakes can have far-reaching economic and political consequences. Commodity and currency traders said this weekend that oil prices would surge again tomorrow - possibly breaking the $101 per barrel record set in the late 1970s - while the already battered dollar would fall further on the back of the unintentional broadcast.

[kublikhan]

Lol, nice find. Wish I bough more gold and silver last week.

[auscanman]

What an absolute gem of a find!

And to think that back when the Iranian oil bourse was being proposed, that would be priced in Euros, the mainstream media went out of its way to poo-poo the petrodollar phenomenon, trying to make it out to be a lunatic fringe theory.

Should be an interesting day for the dollar, gold, and oil tomorrow!

[Twilight]

Already been posted here. Story been doing the rounds since Friday. It's impossible to say how important this is going to be. It might as easily be dismissed as offering no new information. The fact of the cock-up is more interesting than what it revealed. On the other hand, this could become a slow-burning issue which creates more alarm among observers the more they think about it, as it does serve to confirm some long-held suspicions.

[KevO]

a mistake?

do we really think so?

Bye Bye $

[roccman]

http://biz.yahoo.com/ap/071118/opec.html

$this->bbcode_second_pass_quote('', 'R')IYADH, Saudi Arabia (AP) -- Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."

[DantesPeak]

There have been at least two other threads on this subject already.

I don't think OPEC as a group will formally move to price in something other than dollars just yet. However if the dollar does collapse, a potential problem which was specifically mentioned to be on the mind of the Saudis, OPEC will move completely off the dollar standard.

Meanwhile, individual countries are free to price oil as they please anyway.