Post by Kizzume on Nov 19, 2007 1:49:57 GMT -5
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This should prove interesting.
Here is some more from this article link
I'm wondering how this is going to affect the dollar. Are we in for some more turbulence? Is oil going to go above $100 a barrel?
Kill the cable, kill the cable,' shouted the security guard as he burst through the double doors into the media room at the Intercontinental Hotel in Riyadh, followed by Saudi police. It was too late.
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.
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.
This should prove interesting.
Here is some more from this article link
In an embarrassing oversight, a private meeting of foreign, finance and oil ministers from the 12 members of the Organisation of Petroleum Exporting Countries was broadcast for 30 minutes on closed-circuit television in the media room.
Journalists witnessed Iran request that the final declaration to be issued by OPEC leaders at the end of the summit on Sunday should express the concern of member states about the falling US currency and its impact on oil revenues.
Reacting to the proposal, Saudi Foreign Minister Prince Saud al-Faisal warned that mentioning the falling dollar could lead to the "collapse" of the US currency.
"There are media people outside waiting to catch this point and they will add to it (exaggerate) and we may find that the dollar collapses," he said.
Prince Saud, who was chairing the meeting to draw up the declaration before leaders arrive on Saturday, described the Iranian proposal as "sensitive."
"This is a sensitive issue. It will cause the dollar to drop further, thus complicating the problems we are facing from the dollar's fall," he added.
As the meeting broke up and ministers left, OPEC's secretary general was adamant that the dollar would not be mentioned in the final communique.
"Let me be clear: the dollar will not be in the final statement," he told reporters.
"It (the dollar) is an individual country issue," he added, meaning the subject would not be tackled at the level of OPEC, which groups 12 oil-producing countries.
Iranian Foreign Minister Manouchehr Mottaki said during the meeting that OPEC should express concern over "the continued depreciation of the US dollar" in an initiative backed by fellow US adversary Venezuela.
The fall of the dollar, which has declined by about 15 percent in 12 months, has affected the revenues of OPEC members because most of them price and sell their oil exports in the US currency.
Saudi Arabia, the world's biggest oil producer, insists that OPEC remain a purely economic forum despite efforts by hawks in the organisation, with Venezuela the leader, to politicise it.
The remarkable insight into the inner workings of the Organisation of Petroleum Exporting Countries, which produces 40 percent of world oil, ended when a furious official emerged to switch off the television.
Journalists witnessed Iran request that the final declaration to be issued by OPEC leaders at the end of the summit on Sunday should express the concern of member states about the falling US currency and its impact on oil revenues.
Reacting to the proposal, Saudi Foreign Minister Prince Saud al-Faisal warned that mentioning the falling dollar could lead to the "collapse" of the US currency.
"There are media people outside waiting to catch this point and they will add to it (exaggerate) and we may find that the dollar collapses," he said.
Prince Saud, who was chairing the meeting to draw up the declaration before leaders arrive on Saturday, described the Iranian proposal as "sensitive."
"This is a sensitive issue. It will cause the dollar to drop further, thus complicating the problems we are facing from the dollar's fall," he added.
As the meeting broke up and ministers left, OPEC's secretary general was adamant that the dollar would not be mentioned in the final communique.
"Let me be clear: the dollar will not be in the final statement," he told reporters.
"It (the dollar) is an individual country issue," he added, meaning the subject would not be tackled at the level of OPEC, which groups 12 oil-producing countries.
Iranian Foreign Minister Manouchehr Mottaki said during the meeting that OPEC should express concern over "the continued depreciation of the US dollar" in an initiative backed by fellow US adversary Venezuela.
The fall of the dollar, which has declined by about 15 percent in 12 months, has affected the revenues of OPEC members because most of them price and sell their oil exports in the US currency.
Saudi Arabia, the world's biggest oil producer, insists that OPEC remain a purely economic forum despite efforts by hawks in the organisation, with Venezuela the leader, to politicise it.
The remarkable insight into the inner workings of the Organisation of Petroleum Exporting Countries, which produces 40 percent of world oil, ended when a furious official emerged to switch off the television.
I'm wondering how this is going to affect the dollar. Are we in for some more turbulence? Is oil going to go above $100 a barrel?
