OPEC's third-ever summit ended Sunday in Saudi Arabia with members discussing issues ranging from a weak U.S. dollar to the 13-nation group's geopolitical role.

The summit's objective included outlining the strategic direction of OPEC and many representatives urged the group to embrace a stronger role in world affairs, al Alam satellite television reported.

The declining value of the U.S. dollar prompted proposals to peg oil against a stronger currency as leaders stated oil's current value is not at its highest levels when adjusted for inflation.

Leaders at the summit also addressed the issue of global warming, suggesting an environmental tax on the world's largest oil consumer nations to compensate for industrializing nations.

The summit ended with an assertion by Venezuelan President Hugo Chavez that OPEC would continue to supply oil at sustainable prices and advocated a stronger geopolitical role from the world's oil producing nations.  // Copyright 2007 by United Press International



Publication date: 18 November 2007   

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