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Iranian president urges OPEC to stop selling oil in US dollars

Published 08/04/2008

Iran's president is urging OPEC members to stop pricing oil trades in US dollars.

Mahmoud Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri that the cartel "should establish a joint bank as well as having joint currency."

Ahmadinejad's calls to move oil trade to a basket of currencies is unlikely to find sufficient support in OPEC. It is thought countries such as Saudi Arabia, a major oil producer and US ally, will such moves.

Meanwhile an Israeli government minister said yesterday that Israel would respond to an Iranian attack by destroying that country.

"An Iranian attack against Israel would trigger a tough reaction that would lead to the destruction of the Iranian nation," National Infrastructure Minister Benjamin Ben-Eliezer said.

"Iranians are aware of our strength but continue to provoke us by arming their Syrian allies and Hezbollah."

"Nowhere would be safe from Syrian and Hezbollah rockets."

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From Belfast Telegraph