They said Opec should formally express its concern about the weakness of the dollar when the cartel makes its official declaration at the close of the summit today. But the Saudis, the world's largest oil producers and de facto head of Opec, vetoed the proposal. Saud al-Faisal, the Saudi foreign minister, warned that even the mere mention to journalists of the fact that leaders were discussing the weak dollar would cause the US currency to plummet.
Unfortunately his words and those of everyone at the meeting were being broadcast via a live television feed to a group of astonished reporters.
Sunday, November 18
Vote of "No Confidence" in the US Dollar
Guys, if you have to sell dollars, I suggest you do so tomorrow morning. The US Dollar just got a vote of no confidence on the international market, through the accidentally (not sure it was accidental, but that's what the article said) leaked meeting of the OPEC leaders: