There were two anti-US firebrands, Iran and Venezuela who are making the most noise, and they were saying that the weaker US dollar is to blame for the record high oil prices. Currently oil export earnings are denominated in US dollars. And that's one of the reasons why we have Saudi Arabia as well as the UAE, pegging their currency to the greenback. Now what people are saying is that Venezuela as well as Iran were pushing for the OPEC oil cartel to move instead to a basket of currencies away from the US dollar a lot of analysts are saying that that would probably be impossible for the OPEC, for OPEC to really do. Especially because Saudi Arabia was caught on close-circuit TV, saying that they should stop talking about the US dollar altogether because there were concern , the country was concerned that the US dollar would continue to weaken further.

Interesting, OPEC taking inspiration from Gesal , Bernsham, perhaps Jay-Z, who has been caught flushing euros in this latest rob video. Now what else came out of the meeting? well, what really came out of the meeting is that OPEC's just clearly divided over their opinion on the US dollar on their stance towards the United States as well as on whether or not OPEC really should increase production or not . Now what people were saying was that really OPEC, you know, on the one hand, you have Venezuela who was talking up the oil prices by basically saying that oil could hit two hundred dollars a barrel. If the US were to strike Iraq, sorry, strike Iran, or to strike Venezuela, now then on the other hand, you have Saudi Arabia which of course, was, is really a long time ally of the United States and is trying to move the conversation away from politics and more towards environmental concerns.

Notes:

The Greenback: A note of U.S. currency.