Oil Bucks
I’m a determined skeptic about broadcast "accidents." But for the life of me, I can’t understand the precise goal of allowing a discussion about not discussing the falling dollar at the OPEC summit to be caught on tape. Here’s the Financial Times’ version of events–which depicts it as disagreement about the underlying issue.Â
In a landmark summit, leaders of the Organisation of the PetroleumExporting Countries are meeting in Riyadh, Saudi Arabia, were dividedover how they should respond to the weakness of the US dollar, whichhas fallen 16 per cent this year against a basket of leading currencies.
Thedollar has dropped 44 per cent against the euro since Opec leaders lastmet in Caracas, Venezuela in 2000. Opec members are also divided aboutwhether the group should seek to play a greater role in world politicsas well as in the oil market.
The disagreement was revealed whena ministerial meeting Friday afternoon, supposed to be in closedsession, was accidentally broadcast live to reporters for about 30minutes, before Saudi officials cut off the transmission.
But look atBloomberg’s version:
Saudi Arabia, the world’s largestcrude oil exporter, rejected a proposal by Iran and Venezuela todiscuss the weak dollar at this weekend’s OPEC summit in Riyadh,saying it didn’t want the U.S. currency Read more →