10 June 2003, 10:00  Decreasing Dollar Complicates Opec Oil Talks

The decreasing value of the US dollar is complicating the negotiations at the coming Opec meeting in Doha, Qatar, as it decreases the revenues from oil exports. It is said that the organization will not change the current production quota of 25.4 million barrels per day but the situation in Iraq will be constantly monitored. The low dollar value will definitely not allow the change the price band from $22 - $28 to $20 -$25 as it was previously suggested. It will also be discussed if in the future, oil exports should be tied to the euro. However, for the sake of consistency, there will be no immediate change. /www.fxserver.com/

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