Iran stops selling oil in U.S. dollars -report

[waraich66]

Iran stops selling oil in U.S. dollars -report
Sat Dec 8, 2007 10:10am GMT


TEHRAN (Reuters) - Iran has completely stopped selling any of its oil for U.S. dollars, an Iranian news agency reported on Saturday, citing the oil minister of the world's fourth-largest crude producer.

The ISNA news agency did not give a direct quote from Oil Minister Gholamhossein Nozari. A senior oil official last month said "nearly all" of Iran's crude oil sales were now being paid for in non-U.S. currencies.

For nearly two years, OPEC's second biggest producer has been reducing its exposure to the dollar, saying the weak U.S. currency is eroding its purchasing power.

Iranian President Mahmoud Ahmadinejad, who often rails against the West, has called the U.S. currency a "worthless piece of paper."

Foes since Iran's 1979 Islamic revolution, Tehran and Washington are also at odds over Tehran's disputed nuclear programme as well as over policy in Iraq.

"In line with the policy of selling crude oil in currencies other than the U.S. dollar, currently the sale of our country's oil in U.S. dollars has been completely eliminated," ISNA reported after talking with Nozari.

Nozari told ISNA: "In regards to the decrease in the dollar's value and the loss exporters of crude oil have endured from this trend, the dollar is no longer a reliable currency."

"This is why, at the meeting of the heads of states, Iran proposed to OPEC members that a currency (for oil exports) would be determined that would be reliable and would not cause any loss to exporter countries," he said.

At a November summit of Organization of the Petroleum Exporting Countries heads of state, Iran suggested oil should be sold in a basket of currencies rather than dollars, but failed to win over other members except Venezuela. Continued...

 

[forcetrip]

And so it begins .. The first major victory for the European Union since its conception.

 

[waraich66]

Dr Mahatar Muhammad give this suggestion to all oil producing arabs to stop US aggression all over the world.

Thank you Ahmadi Nejad , you have right step at right time

 

[forcetrip]

This has been on the table of the Arabs as well. Lets see how the dollar does in the next coming months. I am more than sure if the dollar dance ends on oil, there is nothing protecting the US economy from their homegrown debt and chinese IOU's. Im just kidding .. Im sure nothing will happen .. GM has electric cars now..

 

[gambit]

Dr Mahatar Muhammad give this suggestion to all oil producing arabs to stop US aggression all over the world.

Thank you Ahmadi Nejad , you have right step at right time

Step right into a pile of his own BS. This will turn out to be nothing.

 

[waraich66]

Step right into a pile of his own BS. This will turn out to be nothing.

Could you tell us what will happen to US economy if dollar market value reduced to 50%???????

 

[apophenia]

Step right into a pile of his own BS. This will turn out to be nothing.

exactly my sentiments.

Could you tell us what will happen to US economy if dollar market value reduced to 50%???????

Mr Dollar, meet Ms. Hyperinflation and the US gets to have it's first full-on depression since the 1930s. and that my friend wont be happening in our life time.

 

[waraich66]

exactly my sentiments.



Mr Dollar, meet Ms. Hyperinflation and the US gets to have it's first full-on depression since the 1930s. and that my friend wont be happening in our life time.

What about present recession , it is worst then 30's even europe ,middle east,south asia also effected.

 

[apophenia]

What about present recession , it is worst then 30's even europe ,middle east,south asia also effected.

The prevalent theory is that it is an urban legend and didn't actually happened, its was just a price fluctuation. For the past 50 years the average unemployment rate equaled 5.6% in US, and during this crisis it fell up to 7.6 percent at the most can hardly be equate as a severe blow.. Apparently we all have got our ears permanently tuned to all stations that are spouting “the end is nigh” bad news.