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Iranian president Mahmoud Ahmedinejad has urged OPEC (Organization of petroleum exporting countries), i.e it has urged countries producing crude oil like Kuwait, Oman, Venezuela, Saudi Arabia to stop exporting crude oil in dollar currency and instead have some other joint currency among themselves.

For this purpose, Iranian president also hold a useless meeting (to be frank, you know that it isn’t be anything fruitful- read further to know why) with Gen. secretary of OPEC regarding this matter. OK, the meeting was held with formalities. But results ? No use of holding such meeting when you know that other countries aren’t going to even read this news.

But there is something worth noticing. The president says that depreciating value of dollar in international market is affecting the crude oil reserves badly. That’s something quite true. Why should world suffer because of this problem. Instead they should have a stable currency that could maintain its value. We don’t urge for any new currency notes but some other alternative because we don’t want any more new currencies. Maybe You or I can say that Omani rials of Saudi riyals can work. Maybe….But at least the president has  got a point here which is worth considering.

That’s a different matter that middle east oil producing countries won’t accept this. S. Arabia and Kuwait Will definitely not because America is strong ally of S.Arabia and most of Kuwait oil fields are under US hands So there are no chances that this can be implemented. Maybe if other countries find this more profiting like Venezuela or Oman, then they can go for this step. It surely is a concerning matter that dollar prices affect the precious oil reserves.

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