"Some Arab countries are more likely to compare oil prices to gold prices or other economic metrics, rather than just to the US dollar's exchange rate. This may be due to a desire to stabilize oil revenues despite currency market volatility. However, this approach may vary depending on the country and its economic strategy.

For example, Saudi Arabia is one of the world's largest oil producers and uses oil revenue to support its economy. It is also one of the countries that is more likely to compare oil prices to gold prices. This is because gold is seen as a safe haven from inflation and currency market volatility. This means that Saudi Arabia can use oil revenue to buy gold, which will help to stabilize its economy despite currency market volatility.

On the other hand, Qatar is another country that is a major oil producer, but it is not as likely to compare oil prices to gold prices. This is because Qatar is one of the countries that has large oil and gas reserves. This means that Qatar is less reliant on oil revenue and has more options to stabilize its economy.

Therefore, the approach of Arab countries to oil price benchmarking may vary depending on the country and its economic strategy."

Google AI