Hmmmmm,

I can see the rationale for dropping the US$, but creation of a mid-east currency? Oil is one of the most important commodities and I think tying it to a relatively stable currency based in a relatively stable region makes sense. Is there any region LESS stable than the middle East?? I could also see that tying it to economies that do not depend on oil exports, and that oil exports would make up a relatively small % of that currency's trade would be beneficial to monetary stability and ease of pricing oil. What would a graph of a middle east currency (shall we call it a Warbuck for ease of conversation, or an Osama sheckle?) look like in the last 2 yrs with a run up to $140/bbl down to $38? I mean look what it did to the C$!.

I would think the Euro or the US $ are the wisest options. Or, of course, the Ganalane peso, available as fast as my Canon printer can roll them off.