Prime Minister Dr Mahathir Mohamad today proposed a currency basket of the euro and the US dollar for oil trades to hedge against a weak greenback and manipulation by currency traders.

The veteran Southeast Asian leader said producing countries were feeling the impact of the weak greenback, which has fallen sharply against the euro.

"It is time that the quotation of oil prices in dollars be reviewed," he said in a speech read by his deputy Abdullah Ahmad Badawi at the opening of a two-day Asia oil and gas conference.