Posted by: Lister | November 18, 2007

Open mic OPEC

I wonder if this was accidently on purpose. OPEC private meeting televised by mistake:

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.

[…] On Friday night, during what the participants thought were private talks, Venezuela’s oil minister Venezuela Rafael Ramirez and his Iranian counterpart Gholamhossein Nozari, argued that pricing – and selling – oil using the crippled dollar was damaging the cartel.

They said Opec should formally express its concern about the weakness of the dollar when the cartel makes its official declaration at the close of the summit today. But the Saudis, the world’s largest oil producers and de facto head of Opec, vetoed the proposal. Saud al-Faisal, the Saudi foreign minister, warned that even the mere mention to journalists of the fact that leaders were discussing the weak dollar would cause the US currency to plummet.

Testing the waters, maybe? Before making a decision.

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