Oil exporters spared from flagging dollar<\/p>\n
KUALA LUMPUR (AFP): Global oil earnings, transacted in U.S.
\ndollars, may have been dented by the flagging greenback but long-
\nterm adverse effects were unlikely, oil experts said yesterday.<\/p>\n
\"Depreciation (of revenue) is a concern for all producers but
\nthe depreciation of the dollar, against the yen, is not
\nsustainable,\" Subroto, an Indonesian oil expert, told reporters
\nat an international oil conference here.<\/p>\n
Subroto, a former secretary-general of the Organization of
\nPetroleum Exporting Countries (OPEC), said oil traders were
\ngenerally expecting the dollar to rebound soon against the strong
\nyen.<\/p>\n
\"The yen is too expensive and dollar is too cheap. There will
\nbe correcting factors,\" Subroto said at the opening of a four-day
\nAsia Pacific Oil and Gas conference.<\/p>\n
Azizan Zainul Abidin, chairman of Malaysia's national oil
\ncompany Petronas, said traders were also unconcerned about long-
\nterm effects from the currency turmoil as loans had also become
\ncheaper to service.<\/p>\n
\"Our borrowings are also in U.S. dollars so that should not be
\nsuch a burden,\" said Azizan.<\/p>\n
Oil producers could resort to alternative currencies for
\npayment if the dollar fell any further, Subroto said.<\/p>\n
He said sellers could ask to be paid with a wider basket of
\ncurrencies instead of just U.S. dollars, although the greenback
\nwould continue to be used as a unit of account.<\/p>\n
\"But at the time being, there is no action\" to this effect, he
\nsaid.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/oil-exporters-spared-from-flagging-dollar-1447893297",
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