Iran Becomes President of OPEC

by Chana Ya’ar The 12 member nations of the Organization of Petroleum Exporting Countries (OPEC) have elected Iran, OPEC’s second-largest oil producer and one of its founding members, to become the organization’s 2011 president. Saudi Arabian Oil Minister Ali Al-Naimi announced Thursday the Islamic Republic would take up the rotating presidency in the 50-year-old organization […]

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Dollar facing ‘power-shift’: analysts

The dollar’s position as the world’s leading reserve currency faces increased pressure as the financial crisis allows emerging economies greater influence on the world stage, analysts said. A report last week in The Independent claiming that China, Russia and Gulf States are among nations prepared to ditch the dollar for oil trades has heightened the […]

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