Middle East Economic Survey
VOL. XLVII
No 22
31-May-2004
OIL PRICES
EUs Palacio Proposes Currency Basket To Price Oil
European Union Energy Commissioner Loyola de Palacio said on 26 May that global oil trading should be priced according to a basket of currencies including the euro rather than just in US dollars. If the oil price should be related to a value it should be a consequence of a basket of currencies, involving the main oil consumption (nations), Ms Palacio said, adding that this would...
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