OPEC could consider the USD again

Whether OPEC should change the oil transaction currency from US$ to Euros is definitely a topic for consideration at the latest meeting. That said, it appears it is clearly understood by OPEC that this would cause issues for the U.S currency (being one of the largest oil consumers), so OPEC will hold off any discussion of change until it’s starting to hurt their bottom line.

Whether OPEC should change the oil transaction currency from US$ to Euros is definitely a topic for consideration at the latest meeting. That said, it appears it is clearly understood by OPEC that this would cause issues for the U.S currency (being one of the largest oil consumers), so OPEC will hold off any discussion of change until it’s starting to hurt their bottom line.

I expect once more oil consuming countries are using the Euro as their standard currency (boosting the population base to approximately 450 million when the next ten countries join the EU this year), the need by OPEC to prop up the US$ will be weaker.