Oil states deny talks about the dollar replacement 14:15 (CET)

  @ibtimes on October 06 2009 8:36 AM

The large oil production nations denied today a news by a British newspaper, that stated that the Arab states are secretly engaged in negotiations with Russia, China and France to replace the dollar with a basket of currencies in the oil trade.Muhamad al Yaser, Saudi Arabia Central Bank President, said that the news is absolutely incorrect. When the journalists asked if his country was indeed negotiating, the answer was the same.

The Russia Vice-Minister of Finance, Dmitry Pankin, said: We haven't discussed that absolutely.

The Algerian Finance Minister, Karim Djudi, said to Reuters, that the oil countries need to stabilize their gains, but (...) I don't see the need that the oil trade should be denominated differently.

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