Iran Halts Oil Transactions In US Dollars - Turns To Euros
TEHRAN -Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labeling the greenback an “unreliable” currency.
“At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies,” Nozari was quoted as saying by the ISNA news agency.
“The dollar is an unreliable currency, considering its devaluation and the oil exporters’ losses,” he added.
The world’s fourth-largest oil exporter, Iran has massively reduced its dependence on the dollar over the past year in the face of U.S. pressures on its financial system.
The U.S. has successfully encouraged major European and Asian banks to cut their dealings with Iran in a bid to make the Islamic republic give way on its controversial nuclear program.
Washington has also blacklisted major Iranian banks for alleged support of terrorism and seeking nuclear weapons, charges denied by Tehran.
Iran has reduced its assets in dollars held in foreign banks and urged OPEC to take collective action to price oil in other currencies such as the euro, instead of the U.S. currency which is used across the world at present.
The decline of the dollar, which has weakened considerably against the euro and other currencies in the past 12 months, has affected the revenues of OPEC members because most of them price and sell their oil exports in the U.S. currency.
(Nasdaq)
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This was bound to happen. Whatever.
December 10th, 2007 at 1:24 pmThey should have went with Canadian Dollars. Canada has a more productive society. China suggested the change.
December 10th, 2007 at 2:39 pm