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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Sultan who wrote (39342)10/8/2003 9:45:30 PM
From: Condor  Read Replies (1) of 74559
 
Hi Sultan

Re:" Beginning of the Decline of the American Empire"

I thought the following item posted by Rascal interesting.

German Sources Say Russia Might Price Its Oil in Euros

Combined Reports YEKATERINBURG, Ural Mountains -- Russia is increasingly looking at pricing oil sales in
euros instead of dollars, reflecting the euro's growing role as a reserve currency, German government
sources said Wednesday.

"The question is taking on increasing significance," a person travelling with German Chancellor Gerhard
SchrÚder on an official visit to Russia said.

A switch into euros by Russia, the second-biggest oil exporter behind Saudi Arabia and holder of the world's
largest natural gas reserves, would represent a major shift in the balance of currencies behind the world's
most traded commodity.

European leaders have long expressed interest in seeing energy contracts priced in euros rather than dollars
to promote the currency and boost price stability in the European Union.

Most energy contracts are settled in dollars, meaning that for European buyers, trade in gas and oil is
subject not only to fluctuations in their market prices but also to variations in the value of the U.S. currency. In
1999, just after Vladimir Putin became prime minister, he laid out a proposal to move Russia's trade out of
dollars and into euros.

A Russian Energy Ministry official said he could not confirm the report. "We cannot confirm this information.
No talks are taking place on the issue. The ministry draws up export timetables, but does not deal with
financial issues on oil supplies," the source said. (Reuters, MT)

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