Libya to Host OPEC Summit in 2012

Libya is to host the OPEC summit for the year 2012 as a result of a decision adopted by the summit on Sunday in Riyadh, Saudi Arabia.

Libya’s top oil official Shukri Ghanem confirmed the news and said on Sunday that the group is to discuss the dollar issue at the Dec. 5 meeting in Abu Dhabi.

A fall in the value of the U.S. dollar on global markets helped fuel oil’s rally to a record $98.62 on Nov 7 — causing Western consumer nations to call for more OPEC supplies to cool prices — but it has also eroded the purchasing power of OPEC members.

The final statement of the oil cartel’s summit in Riyadh did not include any reference to the dollar’s predicament.

Iran and Venezuela made clear before and after the summit that they would press for action, which could include pricing oil in a basket of currencies.Such a move would be a political blow to the United States.

Iraqi Finance Minister Bayan Jabor told Reuters after the summit’s close that, backed by Ecuador, the anti-U.S. powers won agreement that finance ministers would discuss the issue before a scheduled oil ministers meeting in Abu Dhabi on December 5…read more

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