OPEC’s final summit declaration on Sunday made no mention of the weak dollar, with a plan to increase financial cooperation between members the only recognition of an Iranian proposal to price oil in other currencies, reported AFP.

OPEC would “study ways to increase financial cooperation between OPEC member countries, including a proposal by some heads of state,” said OPEC Secretary General Abdullah al-Badri without giving details on the proposal.

Iran had pushed for OPEC to take collective action to price oil in other currencies such as the euro, instead of the US currency, which is used across the world at present.

The issue is also political, with US arch-foe Iran keen to undermine the US currency.