At its extraordinary meeting, OPEC must ease global economic jitters by pricing oil in euro.

ONCE the world will be allowed to know that the past three decades of cheap Arabian oil have been made possible by the flow of cheap gold to the Saudi Arabia oil-central bank THEN most will start to understand what the gold-euro really means.

Reuters reported on Wednesday that Venezuela will not abandon the US dollar as a currency for oil sales, despite the OPEC member’s trend toward asking for payments in euros for certain contracts (1) and that whereas in the past Iranian officials have said that oil remained priced in the US dollar but with actual payments carried out in other currencies, an Iranian official was now quoted as saying that Iran is conducting ALL its crude trading in euro and yen, instead of the US dollar. (2)

Oil and gas for euro simply because the euro is evolving into a gold-euro through the European Central Bank marking its gold reserves to market.

Time is up for those interventionists who think that by calling for intervention in the currency markets, if the dollar continues to drop, it, the dollar, could recover.

Oil must be priced in euro now.

Ivo Cerckel

NOTES

(1) UPDATE 2-Venezuela says will not abandon dlr in oil sales http://www.reuters.com/article/oilRpt/idUSN3053405620080430 CARACAS, April 30 (Reuters) - Venezuela will not abandon the dollar as a currency for oil sales, Energy Minister Rafael Ramirez said on Wednesday, despite the OPEC member’s trend toward asking for payments in euros for certain contracts.

(2) Iran conducts all crude trade in euro, yen -agency Reuters - USA

TEHRAN, April 30 (Reuters) - Iran, the world’s fourth-largest oil producer, is conducting all its crude trading in euro and yen, instead of the U.S. dollar, an Iranian official was quoted as saying + In the past, Iranian officials have said that oil remained priced in the U.S. dollar but with actual payments carried out in other currencies.