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...