Don''t sweat the small stuff: Calandra insists that the metals rally is still on

a href=http://www.reuters.com/newsArticle.jhtml?type=topNewsamp;storyID=3957771...

CARACAS, Venezuela, Dec. 8 (Reuters) -- OPEC Secretary
General Alvaro Silva said on Monday that oil cartel OPEC
could discuss trading crude in euros or in a basket of
currencies instead of dollars in the future.

quot;There is talk of trading crude in euros. It's one of the
alternatives -- either that or a basket of currencies. It is
possible that the organization will discuss this and take a
decision at a given time,quot; Silva told the Venezuelan state
news agency Venpres in an interview from Vienna.

Silva said OPEC hoped to maintain oil prices within its
preferred $22-$28 a barrel target range in the first quarter
of next year. He said the range was sufficiently wide to
accommodate transitory price fluctuations and other
emergencies.

But he added: quot;The band is not set in stone, and if
there is a decision to change its levels, they would be
changed above all because of currency circumstances.quot;

OPEC has aimed to keep oil prices within the $22-$28 a
barrel band, although recently prices have been at the
top of or above the preferred range. At the producer
group's last meeting in Vienna last week, some OPEC
members said the higher prices were fair as the falling
value of the dollar had slashed their purchasing power for
goods from areas such as the euro zone.

Leading producer Saudi Arabia made clear at last week's
OPEC meeting that it was pursuing a higher oil price
target to offset buying power lost with the decline of the
dollar against the euro and other currencies.

Silva, formerly the Venezuelan oil minister, will hand over
the OPEC secretary general post on Jan. 1. He will be
replaced by Indonesian Energy Minister Purnomo
Yusgiantoro until a new secretary general is appointed.

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----------------------------------------------------

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