New President of OPEC is on United States Terrorist Watch List.

After 36 years Iran is set take over as the president of the Organization of Oil Exporting Countries (OPEC) as of 2011, Deputy Oil Minister Mohammad Ali Khatibi told the Mehr News Agency.

The decision was made by 12-member oil cartel in Vienna on Thursday. Saudi Arabian Oil Minister Ali al-Nuaimi confirmed to reporters that Iran was elected OPEC president for the next year. OPEC comprises of Algeria, Angola, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela.

Currently Iran’s Oil Minister CV Dr. Seyed Masoud Mirkazemi is also a Zone 3 Commander in the Iranian Revolutionary Guard corps.

What is interesting about this the most is the fact that the head of the global entity known as OPEC is now headed by a member of what the United States has recently added to the list of Terrorist organizations and has even more recently leveed economic sanctions against not only Iran but more specifically the Iranian Revolutionary Guards.

October 25, 2007, the Department of State designated under Executive Order 13382 two key Iranian entities of proliferation concern: the Islamic Revolutionary Guard Corps (IRGC; aka Iranian Revolutionary Guard Corps) and the Ministry of Defense and Armed Forces Logistics (MODAFL). Additionally, the Department of the Treasury designated for proliferation activities under E.O. 13382 nine IRGC-affiliated entities and five IRGC-affiliated individuals as derivatives of the IRGC, Iran’s state-owned Banks Melli and Mellat, and three individuals affiliated with Iran’s Aerospace Industries Organization (AIO).

Source : ustreas.gov

How might this effect oil prices in 2011? Hang on. Right now OPEC is raising the price of oil per barrel as they gauge the real value of the dollar. This is as the Federal Reserve continues to print more cash flooding the market in an attempt to pay off national debt. Thus devaluing the American Dollar. The current oil prices are in fact more a reflection of the value of the American Dollar as gauged by OPEC and have nothing to do with actual supply and output capabilities of the OPEC member nations.

hattip @Jackson4Pres