Converting $ US into Euro
It was the idea of Iran and Venezuela Presidents in the recent OPEC meeting in Saudi Arabia this week. Converting $ US into Euro as the formal exchanging currency in the world of oil. There is a trend that $ US tends to decline and weaker compare to Euro and the domination of US in the oil business, meanwhile European Euro seems to get stronger day by day.
Obviously, this idea creates another controversy as it was raised by Ahmadinejjab and Hugo Chavez, two US main protesters in the Oil world. Although the OPEC meeting did not come with the decision to follow these two opponents, yet the value of $ US dollar decline to almost every currency in the world, except for Chinese Yuan.
What is going to happen? it is not clear yet, but this is a level playing field, Euro maybe the solution for the domination of Dollar. What about developing countries? will they agree on this idea, at least US starts to understand that it is a time for them to change some policy about oil.
Pic Source: Yahoo image
