Gulf Times - Qatar "To Consider Selling Gas In Euros" (World's Largest NG Shipper)

[hatrack]

Interesting.

QATAR, the world’s largest shipper of natural gas, will consider selling gas in euros, instead of dollars, HE the Finance Minister Yousef Hussain Kamal said, reducing global demand for the US currency.

Qatar would consider selling gas in euros if a customer requested a “special contract,” Kamal, who is also in charge of the Economy and Commerce Ministry, said in an interview in Doha yesterday.
Qatar’s willingness to sell gas in euros “depends on how much we have to have different currency allocations in our portfolio,” he said.

Selling gas in dollars increases the demand for the US currency, maintaining its value versus other major currencies. Other energy producers, including Iran, Venezuela and Indonesia, are already looking to sell their commodities, currently priced in dollars, in euros. Moreover, the United Arab Emirates will convert 8% of its foreign-exchange reserves to euros from dollars before September, the country’s central bank governor said on December 24. Syria has also said it will replace dollar holdings with the euro.

The dollar has fallen almost 9% against the euro in the past 12 months as concern the US may struggle to finance its current account deficit, the broadest measure of trade in goods and services, has grown.

EDIT

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=132088&version=1&template_id=57&parent_id=56

[EVDebs]

1. At least a further devalued dollar will bring offshored jobs back to US

Look on the bright side !

[applegrove]

2. Doesn't the USA have a base in Qatar? Are they not friends with *?

[hatrack]

3. True dat, but business is business!

nt

[HysteryDiagnosis]

4. As went Iraq, (considering going with the euro) so will go

Qatar. Don't they have some pesticide or something that they shouldn't have??

[bullimiami]

5. amazing how much bush had destroyed for the US in 6 years.