IIPM’s 36th Glorious Year of Academic Excellence
The plummeting dollar indices fresh chasms in OPEC
With the oil prices on the cusp of touching the century mark, the global oil politics is in full swing. The political wrestling was in full display at the recently concluded OPEC summit, where on one hand, Venezuela & Iran desired some action over the dwindling fate of dollar by pricing oil in a basket of currencies. And the time tested US ally, Saudi Arabia, aptly preventing the dollar from appearing on the agenda.
At the end of the two-day summit, the final communique of OPEC concluded: “We affirm our commitment . . . to continue providing adequate, timely & sufficient oil to the world market.” The declaration helped in further fall of the dollar, which the Iranian President had described as a “worthless piece of paper.” The Iranian leader was ably assisted by the Venezuelan President Hugo Chavez, who in his inimitable style condemned the flawed US foreign & military policies as the main driver of high oil prices, he added, “If the US followed through on military threats against Iran, oil could double to US$200 a barrel.” The US profligacy certainly is one of the factors driving the oil prices high & the dollar to decline. Although, the dollar issue was ducked at the summit, but it has been agreed upon that the respective finance ministers, will meet to discuss dollar impact on their economies, prior to the scheduled meet of the OPEC oil ministers in Abu Dhabi on 5th December.
Reasonably-priced oil must continue to flow through the global commercial veins uninterrupted. As King Abdullah, the Saudi leader avers, “Oil is an energy that is about construction & development and should not be turned into a tool of dispute and whimsy.”
B&E edit bureau: Atul Bharadwaj
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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