OPEC has released an statement agreeing a timely and adequate oil supplies to the world market. Before the summit ends, the organization also agreed to meet again by December 5 with the falling dollar as the only agendum. The organization is trying to resolute the problems on dollar as it also affects the organization and the oil world market as a whole.
Pricing oil against a currency basket was "not specifically on the agenda" of the finance minister's meeting, he said. Ecuador, which rejoined the cartel at the Riyadh summit after 15 years, backed Venezuela's and Iran's push to have their concerns about the dollar included in the summit communique, Jabor said.
"Other member states discreetly share the same concern," he said declining to elaborate or say what Iraq's position was.
The dollar's drop on global market, including to a record low against the euro, helped fuel oil's rally to a record $98.62 last week. It has also eroded the purchasing power of OPEC members.
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