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ISSUES....
Inside, confidential, off the record

OPEC Vs USD$

We note that despite the decision by Iran to price crude in currencies
other than the US dollar, other OPEC nations are very publicly stating that they will not abandon the dollar pricing mechanism. Venezuela, for example will not abandon the dollar as a currency for oil sales according to her Energy Minister, Mr. Rafael Ramirez. Venezuela is clearly not on friendly terms with the US and even more clearly, President Chavez likes nothing more than to tweak the US' nose from time to time. Even so, Mr. Ramirez said that Venezuela will continue to price crude
in US dollar terms.

- Dennis Garthman/The Gartman Letter/ 05 01 08

- For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone 757 238 9346, Fax 757 238 9346 or dennis@thegartmanletter.com

Petroleumworld News 05/02/08

ISSUES.... Is an independent journalist effort from Petroleumworld, on Inside, Confidential
and Off The Record Information, its views are not necessarily those of Petroleumworld

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