The news came out yesterday when few would notice.
CARACAS (Reuters) - OPEC is likely to discuss creating a basket of currencies for oil pricing at its next summit due to the steady decline in the dollar, Venezuela's Energy Minister Rafael Ramirez said on Friday.
"The need to establish a basket of currencies ... will probably be a point of discussion in the next OPEC summit," Ramirez told reporters during an evening event in the presidential palace.
"The dollar as a benchmark currency has been weakening quite a lot and it creates distortions in oil markets."
While disturbing, it wouldn't mean much except for the fact that this is merely the latest step in a trend away from the dollar by OPEC nations. For example:
UAE central bank diversifies away from dollars
Kuwait unhooks the currency peg to the dollar
Syria (not an OPEC nation) unhooks currency peg to the dollar
Saudi Arabia refuses to cut interest rates with Federal Reserve
Iran sells oil in Euros
Venezuela currency peg is in danger, and plans to sell oil priced in Euros