Quote:
Originally Posted by borked
Will oil ever start trading in Euro? If it does, and the Euro becomes stronger, then Opec will decide to switch trading to Euro.
On THAT day, the USA will become a crippled monkey.
You know after the first Iraw war, Saddam Hussein traded all Iraqi oil in Euro, refusing to trade in $. Ignoring the fact that that hurt the US quite a bit, but it made for an emergency Opec meeting in Spain ('93 or '94 I think), but it was decided to stay on the $.
Why doesn't the UK join teh Euro? Fuck what Gordan Brown bullshits about the 5 points or whatever it is - if the UK joins the Euro, then it will be under strong pressure to trade North Sea Oil in Euro, thus tipping the balance a little bit more to global Euro Oil.
I personally believe Iraq was about oil, but not control over the oil fields, but their trading currency.
Oh look, Iraqi oil switched back to trading in $ last August....
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Why do you think we really went into Iraq? Saddam was trying to sell oil in Euro's.. What do you think keeps the US dollar the defacto world currency? It's because oil can only be sold in US dollars.
Iran was looking to do the same thing, trade oil in euros.