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Iran news, opec

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    President Mahmoud Ahmadinejad said on Sunday that devaluation of American dollar has left negative impacts on OPEC and global economy. President Ahmadinejad made the remarks in the third annual summit of Organization of Petroleum Exporting Countries (OPEC) in Saudi Arabian capital of Riyadh on Sunday. Due to devaluation of American dollar in international and oil transactions, it is necessary to replace American dollar with another major hard currency. The Iranian president called for drawing up of a comprehensive plan for OPEC and establishment of an specialized bank called "OPEC Bank" to safeguard the hard currencies of OPEC member states.
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