Iranian President Mahmoud Ahmadinejad said Sunday that oil cartel OPEC is interesting in converting its cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."
"They get our oil and give us a worthless piece of paper," Mr. Ahmadinejad told reporters after the close of the summit in the Saudi capital of Riyadh.
The Iranian hard-liner blamed the falling dollar on President Bush's policies and their allegedly negative effect on other nations.Oil prices globally are tied to the U.S. dollar.
Oil producers have become concerned about that recently as the falling dollar may be contributing to higher oil prices and a decreasing value of dollar reserves.
"All participating leaders showed an interest in changing their hard currency reserves to a credible hard currency," Mr. Ahmadinejad said. "Some said producing countries should designate a single hard currency aside from the U.S. dollar ... to form the basis of our oil trade."
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