UAE sees Euro to become part of oil pricing
14-01-99 United Arab Emirates oil minister Obaid bin Saif al-Nasseri said that oil may eventually be priced in a basket of currencies that would include Europe's Euro.
"There is a possibility that in the future oil and some of the main commodities will be priced against a basket of currencies in which the dollar is the main currency along with the Euro and the yen, provided that the Euro is stable and successful," he told.
"It is known that oil trade is currently handled primarily in the dollar and the launching of the Euro has created real competition for the dollar...," he added.
Nasseri said the launching of the Euro in most European Union countries would encourage Gulf Arab oil producers to boost their trade with those states in the future, especially when the Euro is strong and stable compared with other currencies.
He said a unified, strong European currency would facilitate easier trade with Gulf Arab states.
