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Tuesday, April 1, 2008       Free Headline Alerts

OPEC member: Weak dollar triggered high prices

ABU DHABI — The fall of the U.S. dollar is fueling energy prices, oil officials here said.

Industry specialists said the sharp decline of the American currency against the euro has sustained the rise in oil prices. They said the fall of the dollar has fueled speculation by oil traders, Middle East Newsline reported.

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"One reason the price is high is the weakness of the dollar," Ali Al Yabhouni, the representative of the United Arab Emirates to OPEC, said.

"If you look at it in other currencies such as the yen and the euro, oil is very affordable. So, yes, the price looks high in dollars but not in other currencies."

Addressing an energy conference in Dubai on March 30, Al Yabhouni dismissed any shortage in the oil market. He said the production of gasoline and other refined products were above their five-year average.

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