Oil ought to be traded in euro

Oct 27, 2004 02:00 AM

The declining exchange rate for US dollars is creating economic uncertainty, particularly for oil exporting nations like Norway. Deputy leader of the Parliamentary Energy Committee, Hallgeir Langeland (Socialist Left), now proposes that oil should be traded in euro, rather than in US dollars.
“I wish to open the debate at this time, when we see how the US warfare in Iraq is affecting Norwegian jobs,” Langeland says.

At present most oil on the world market is traded in US dollars, and a drop in the exchange rate will also affect the Norwegian job market. In Langeland's opinion, Norway should use its powers to influence the international oil markets to trade in euro.
Professor Oeystein Noreng at the Norwegian College for Business and Administration (BI) is also of the opinion that it would be better for Norway if oil were traded in euro.
“For us it would stabilize income and costs if we traded in euro rather than US dollars,” Noreng says.

Source: NRK
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