This paper chooses other exchange media for replacing the oil dollar in the world oilmarket. The US dollar, the European Euro, the Japanese Yen, the Chinese Yuan and theIndian Rupee are selected to be the five qualified currencies based on the criteria ofacceptability and volatility. Then by considering the relative exporting share from the worldmain oil exporting areas: Middle East, Former Soviet Union, West Africa, South and CentralAmerica and North Africa to the areas/countries holding the above five qualified currencies,we create some new baskets currencies, which are less volatile than the US dollar. Wetherefore believe that the currencies baskets may be a possible way to replace the current oildollar in the world oil trade.
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