OPEC AND OIL PRICES

Iran Calls for Oil Price Increase to Compensate for Falling Dollar

The Iranian Prime Minister, Mr. Mir Hossein Moussavi, has declared that Iran will officially propose to OPEC that it should stop using the US dollar as the unit of account for oil pricing and switch instead to indexing the dollar value against a basket of strong currencies in order to protect the purchasing power of the OPEC countries' oil revenues. Mr. Moussavi made this statement following a...