Middle East Economic Survey

VOL. L

No 48

26-November-2007

OIL PRICES/GCC

Dollars Continued Fall Raises New Questions About Oil Pricing, GCC Pegs

The dollars fall to fresh all-time lows against the euro and its new 26-year trough against the UK pound has once again raised questions, from Venezuela and Iran, about the wisdom of pricing oil in dollars. Other OPEC producers, including Saudi Arabia, are also concerned and will carefully monitor the impact on their respective economies (see above item)....