Lukoil May Switch to Oil, Gas Sales in Rubles in 2009

Most of the big oil players are threatening to abandon the failing US dollar. And the Gulf Cooperation Council, consisting of the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman, is considering the establishment of the ‘Gulf Dinar’ to rival the Dollar and Euro. Bumpy doesn’t describe the coming ride, folks. — PID

December 13, 2007 (BLOOMBERG) — OAO Lukoil, Russia’s largest independent oil producer, may start selling crude and gas in rubles within two years as the U.S. dollar weakens, a company official said. Full Report

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