Oil trade will remain in dollars says Kuwait October 8, 2009
Kuwait's finance minister said on Thursday the US dollar will remain the currency of oil trading because there was no problem in using the US currency.
The remarks follow a host of denials this week of a British newspaper report that Gulf states were in secret talks with Russia, China, Japan and France to replace the dollar with a basket of currencies in trading oil.
"This is not on the cards," said Mustapha Al-Shamali on a visit to London, when he was asked if there was a chance of replacing the dollar.
"There are some newspapers that bring these issues up, but there is nothing in it. It will remain as this for some time because trading in the dollar is not an issue."
The dollar eased in response to the report in Tuesday's Independent newspaper, which cited unidentified sources in Gulf states and Chinese banking sources in Hong Kong.
The Kuwaiti finance minister added that Kuwait will keep the oil price assumed in next year's budget the same as in 2009, as it was unclear if current levels will persist.
