OPEC Looks To Convert Cash

Sunday, November 18th 2007, 9:56 pm
By: News On 6

RIYADH, Saudi Arabia (AP) -- Iran's president says the falling U.S. dollar is a "worthless piece of paper."

That's why he says OPEC's members have expressed interest in converting their cash reserves into a currency other than dollar.

President Mahmoud Ahmadinejad made his comments at the end of a rare summit of OPEC heads of state in Saudi Arabia.

Venezuelan's president echoed his sentiment on the sidelines of the summit, saying "the empire of the dollar has to end." Hugo Chavez calls the euro a better option, adding "the dollar has been in free-fall without a parachute."

OPEC's final declaration didn't specifically mention concern over the weak dollar, but said the organization has directed its finance ministers to study the issue.

Iran's oil minister says OPEC will form a committee to study the dollar's affect on oil prices and investigate the possibility of a currency basket.