Venezuelan President Hugo Chavez urged OPEC countries to stop trading in dollars in order to end the dictatorship of this currency. However, Iran is already selling oil in euros in place of dollars. Obviously selling oil in euros would definitely encourage a world demand for the European currency at the expense of U.S. dollar.



The Venezuelan President indicated that several OPEC countries are contemplating to deal in euro, instead of the dollar as the reference currency for oil. This time around, dollar is showing signs of weakening, hence the idea to switch over to euro is not bad at all but it is of course a dream at least for now.



Further, the President lashed out at the U.S. saying Washington holds the view that the member countries support terrorism and involved in destabilising the continent. He has also advocated the nationalist policy of taking control of energy resources. At this point of time, he did not forget to mention the Bolivian president Eva Morales as he recently took control of energy resources in his country.



However, OPEC members have outrightly rejected the Venezuelan proposal to cut the oil production and they are likely to maintain the present level of production. They also argued that in the present situation Saudi Arabia would prefer to keep oil prices around $50 to $60 range.



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