Iran Replaces Dollar with Euro in Most Oil Dealings

December 6th, 2006

Via: Mher News:

Iran has started replacing dollar with euro in majority of its crude oil exchanges in the last several months, an informed source with Iran’s Oil Ministry said here on Tuesday.

Oil Ministry has taken the policy to substitute dollar with euro, and begun to implement it for most of its oil dealings, the source who spoke on the condition of anonymity told the Mehr News Agency.

“This can maintain the real value of Iranian oil,” he added.

The majority of Iran crude’s customers are Asian and European states, the source noted.

Iran is the number two oil producing member of the Organization of the Petroleum Exporting Countries (OPEC). It also stands second behind Russia in terms of gas reserves in the world.

Posted in Economy | Top Of Page

3 Responses to “Iran Replaces Dollar with Euro in Most Oil Dealings”

  1. Mark says:
    December 6, 2006 at 5:37 am

    Aha, so THAT’s why the dollar has been tanking lately… I’ve made like 2 grand in the past 2 weeks alone in my Forex trading account (thanks to the dollar tanking), but at the same time it kinda worries me since my USD are worth less and less in the foreign country I live in.. ouch.

    Time to switch to euros 🙂

  2. Kevin says:
    December 6, 2006 at 10:23 am

    Mark,

    Congrats on your trading success with Forex. What kind of time periods are you holding your positions for?

    I was on the verge of believing Ichimoku when the 5 and 15 minute charts agreed, but it just wasn’t working out for me in the simulator so I gave up.

    I thought USD’s latest problems were the Chinese unloading. But maybe not…

  3. Mark says:
    December 6, 2006 at 12:35 pm

    Hey Kev, send me an e-mail or something, maybe we can hook up via IM (Skype, messenger or whatever)

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