Comment 1091

By To What if (anonymous) | Posted September 25, 2006 at 23:56:28

Venezuela is one of the OPEC founders. Although they had threaten to use other currencies for trading their oil, but from what I heard, they still use US Dollar.

At the end of 2005, 78.4% of the world proven crude oil produces came from OPEC countries. (source:

So, the impact from other non-OPEC countries are irrelevant to the US Dollar. Although Russia produce the largest oil in the market, but they are not even the top 5 of the largest proven crude oil. All top 5 largest proven crude oil producer came from middle-east. Proven crude oil means that the crude oil is very high quality.

China would not give any impact to the US Dollar even if they found crude oil in their own backyard. Why ? Because they would need a large amount of oil produce to be able to be major oil producer and to therefore to give some impact to the US Dollar. To have a large amount of oil would require a large oil field or some numbers of oil field. To have an oil field found would take thousands and millions of dollars.

From what you have written is seems as if you are opposing the articles with baseless arguments.

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