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Gulf region to stay with dollar for oil

Dubai, October 6, 2009

Gulf oil exporters will stay with the dollar as the currency for trading crude, a source in the United Arab Emirates central bank said on Tuesday.

'They are going to stay with the dollar,' the source told Reuters, asking not to be named. 'For so long oil pricing is in dollars and it would be difficult for producing countries to change.'

Earlier on Tuesday, Britain's The Independent newspaper quoted unidentified sources as saying Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the US dollar with a basket of currencies in the trading of oil.

Saudi Arabia's central bank chief said the dollar swap report was wrong. Asked by reporters about the story in Britain's The Independent, Muhammad al-Jasser said: "Absolutely incorrect."

Asked whether Saudi Arabia was in such talks, he replied: "Absolutely not."

Asked whether Saudi Arabia was committed to the dollar, he said: "You asked the question, I answered it. You asked about the story."

Oman's central bank governor said he was not aware of plans to change dollar oil role. 'No such thing is happening that has caught my attention,' Hamood Sangour al-Zadjali told Reuters.




Tags: Gulf region | . dollar |

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