More proof the dollar is going in the crapper – will OPEC follow?

Russian oil and gas giant Lukoil is discussing denominating its sales in rubles by 2009.

OPEC members Iran and Venezuela have already said that oil consortium should switch to the euro for similar reasons, but OPEC kingpin Saudi Arabia has put the kibosh on that, so far.

However, if other Russian oil and gas companies follow Lukoil into ruble-land, or even the Euro-zone, the pressure on the Saudis to at least do dual denomination, as in the old, pre-1970s OPEC doing dollar-pound sterling dual denomination, will increase.